{"id":41853,"date":"2022-12-07T04:17:45","date_gmt":"2022-12-07T08:17:45","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=41853"},"modified":"2022-12-07T04:17:47","modified_gmt":"2022-12-07T08:17:47","slug":"us-rep-fined-for-ethics-breach-over-lets-go-brandon-token-promo","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/us-rep-fined-for-ethics-breach-over-lets-go-brandon-token-promo\/","title":{"rendered":"US Rep fined for ethics breach over Let\u2019s Go Brandon token promo"},"content":{"rendered":"\n
The House Committee on Ethics penalized departing US House Representative <\/a>Madison Cawthorn more than $15,000 for promoting the Let\u2019s Go Brandon token a cryptocurrency in which he had an unreported stake.<\/h5>\n\n\n\n
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US Rep fined for ethics breach over Let\u2019s Go Brandon token promo<\/figcaption><\/figure>\n\n\n\n

Madison Cawthorn “improperly promoted a cryptocurrency in which he had a financial interest,” according to a report issued by the Committee on December 6 following a seven-month probe.<\/p>\n\n\n\n

Cawthorn's “direct and clear” promotional comments on social media \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>following the Representative's unannounced purchase of $150,000 worth of the token in December 2021.<\/p>\n\n\n\n

After Cawthorn was able to negotiate the acquisition of about 180 billion LETSGO tokens “on conditions more advantageous than those accessible to the general public,” he pushed the Ethereum-based coin Let's Go Brandon (LETSGO), named after a catchphrase and meme used as a replacement for the phrase “F\u2014- Joe Biden.”<\/p>\n\n\n\n

Cawthorn paid $150,000 to an anonymous individual linked with the token, in exchange for 180 billion LETSGO, which were selling for an average of roughly $164,200 at the time. Cawthorn did not pay any transaction fees.<\/p>\n\n\n\n

The Committee deemed the $14,237 disparity between the amount Cawthorn paid and the average value of the tokens at the time he got them to be a “gift,” and advised Cawthorn to refund the money “to an acceptable charitable organization<\/a>.”<\/p>\n\n\n\n

Cawthorn purchased the tokens on December 21, 2021, and sold “almost all” of them in three batches, resulting in a loss of roughly $7,500 by late January 2022.<\/p>\n\n\n\n

The Committee “did not achieve a consensus” on whether Cawthorn intended to “personally benefit from his promotional efforts,” and no “sufficient evidence” was discovered that Cawthorn timed his transactions using non-public information.<\/p>\n\n\n\n

“Cawthorn also failed to provide timely reports to the House reporting his bitcoin activities,” according to the study. However, since crypto disclosure regulations<\/a> “are relatively new,” according to the findings, the Committee determined Cawthorn's omission to disclose was not “knowing or intentional” because he was “misinformed about the obligations.”<\/p>\n\n\n\n

In addition to his almost $14,000 charity payment, the departed Representative will be required to file a transaction report outlining the purchase and sale of the tokens, as well as a $1,000 late charge.<\/p>\n\n\n\n

According to Coingecko statistics, Cawthorn still possesses more than 15.3 billion LETSGO, which has a current worth of less than $25.50.<\/p>\n\n\n\n

The Representative will depart office in January 2023 after spending one year as the representative for North Carolina's 11th Congressional District after being defeated in a Republican party primary in May by North Carolina Senator Chuck Edwards.<\/p>\n","protected":false},"excerpt":{"rendered":"

The House Committee on Ethics penalized departing US House Representative Madison Cawthorn more than $15,000 for promoting the Let\u2019s Go Brandon token a cryptocurrency in which he had an unreported stake. Madison Cawthorn “improperly promoted a cryptocurrency in which he had a financial interest,” according to a report issued by the Committee on December 6 […]<\/p>\n","protected":false},"author":12,"featured_media":41855,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5872,12594,12592,12593],"class_list":["post-41853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-fine","tag-ethics-committee","tag-letsgo","tag-madison-cawthorn"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/12\/image-9.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=41853"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41853\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/41855"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=41853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=41853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=41853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}