The United States House Committee on Ethics fined $15,237 Republican Rep. Madison Cawthorn for violating rules by promoting a cryptocurrency he had invested. By promoting cryptocurrency, he violated rules protecting against conflicts of interest. The cryptocurrency which he promoted is an anti-Joe Biden meme coin called LGB, Let’s Go Brandon, which is very less popular. The term Let’s Go Brandon is a coded expletive to humiliate President Joe Biden.
According to the report from the House Committee, ISC, the Investigation Subcommittee, after a seven-month-long investigation, found substantial evidence that Representative Madison promoted a cryptocurrency in which he had an economic interest. The report revealed that Madison did not disclose either his purchase or sale of his LGB coins until the House Committee investigating the issue.
The US House representatives require representatives to file timely reports on transactions related to cryptocurrency under the STOCK Act, the Stop Trading on Congressional Knowledge, which Madison violated. As per the report, Madison made direct comments about purchasing or supporting the coin. However, the House Committee ruled out that he made such a promotion for personal profit.
According to the report, as a Member of the House, Representative Madison must defend the integrity of that institution, and his participation in promotional actions for the cryptocurrency he owned was inconsistent with that duty. As per the report, of the total $15,237 fine, $14,237 should be paid by Madison to an appropriate charitable organization before the 31st of December. And the rest of the fine to the US Department of Treasury for violating the STOCK Act till the same date.
According to the report, On the 20th of December 2021, Madison gave a $150,000 check to an undisclosed individual affiliated with LGB coins to purchase 180 billion LGB coins. And on the 21st of December, he received 180 billion LGB coins in his Coinbase wallet from an anonymous source. As per the report, Madison bought LGB Coin to connect with his generation, poke fun at a political rival, and address the government’s control of currency.
