US congressman fined $15,237 for promoting the Let’s Go Brandon (LGB) token
The U.S. House of Representatives Ethics Committee said it had found 'substantial evidence' that North Carolina Republican Madison Cawthorn promoted the meme token Let’s Go Brandon (LGB). The legislator was fined $15,237. In a statement, the lawmaker was said to have invested $150 000 in the asset. The legislator made 'explicit comments' about buying or supporting the token. In doing so he violated rules designed to guard against conflicts of interest. "As a member of the House, Cawthorn must uphold the integrity of Congress. His involvement in efforts to promote the cryptocurrency he owned was incompatible with this duty." The Stop Trading on Congressional Knowledge (STOCK) Act requires members to report transactions promptly. Cawthorn did not disclose his LGB transactions for seven months while the investigation was ongoing. On December 20, 2021, the lawmaker issued a check for $150,000 to an unnamed person connected with LGB to purchase 180 billion tokens. The next day, the same amount of LGB was transferred to his wallet from an unidentified address. "Cawthorn bought LGB Coin to reach his generation, to poke fun at a political opponent and to oppose government control of cryptocurrency," the report notes. After receiving the tokens, the value of his investment rose to $164,237. On December 30, 2021, LGB announced it would sponsor NASCAR driver Brandon Brown for the upcoming season. On January 4, 2022, NASCAR withdrew its endorsement. Subsequently, in three installments, Cawthorn exited his position. Of the $15 237 fine, $14 237 must be paid to a charitable organization by December 31, with the remainder going to the U.S. Department of the Treasury for violating the STOCK Act. Earlier this year, US congressional candidates{{AOPEN_1}} issued NFTs{{ACLOSE_1}} to fund campaigns. Read ForkLog's Bitcoin news in our Telegram — cryptocurrency news, prices and analysis.
