United States House of Representatives member Madison Cawthorn is facing an investigation for allegedly promoting a cryptocurrency improperly. He could potentially have had an undisclosed financial interest.
United States House of Representatives member Madison Cawthorn is facing an investigation by the House Ethics committee, according to an official notice published on May 23. Rep. Cawthorn is under investigation for allegedly promoting a cryptocurrency improperly.
Cawthorn under the microscope
This promotion may have involved an undisclosed financial interest. He is also under investigation for engaging “in an improper relationship with an individual employed on his congressional staff.” No violations have been formally determined, and Cawthorn is simply under due investigation.
The asset in question is the “Let’s Go Brandon” token — designed to be an anti-Biden cryptocurrency. Cawthorn has said that he owns the cryptocurrency, and the media outlet The Washington Examiner has said that the information regarding the asset would sponsor NASCAR race diver Brandon Brown a day before it was announced.
Rep. Cawthorn is a controversial figure in the American political scene and is considered one of the provocative lawmakers. He was recently defeated in a Republican primary in the state of North Carolina.
He responded to the investigation via Twitter, saying “Wow- I must still be a problem for the swamp! They’re still coming after me!” using the term for the political establishment popularized by former President Donald Trump.
His fiery statements are unlikely to make his defense any easier. The U.S. is in a time when officials are increasingly scrutinizing the crypto market.
The United States not overlooking crypto’s place under the law
The U.S. has not been hesitant to say that it desires crypto to play by the same rules. Such investigations like the one against Cawthorn are a sign that they are not overlooking crypto when it comes to legal transgressions.
The country still hasn’t implemented a full-scale regulatory framework, but the signs are there. Various agencies have revealed their intentions, and the laws are slowly coming into place. A central bank digital currency is also under consideration.
Cryptocurrencies will likely play a great role in politics and fundraising, as adoption grows and younger politicians arrive on the scene. As such, they will also fall under the same purview, which invariably means regulation.
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