In addition, the North Carolina politician has been accused of a pump-and-dump operation involving the Let’s Go Brandon currency. Rep. Madison Cawthorn’s financial statement reveals that he was late in declaring up to $950,000 in crypto activities including Bitcoin, Ethereum, and Solana.
Cawthorn involves herself in a number of incidents, ranging from lying about his past to assaulting subordinates to partying in lingerie. Cawthorn may now add an illegal cryptocurrency fraud to his resume.
The North Carolina congressman’s cryptocurrency transactions include the anti-Joe Biden coin Let’s Go, Brandon, the Request Network’s native token, as well as the token for algorithmic trading system Kryll. He also reveals a cash profit of at least $200 on part disposal of his KRL interests on March 24.
Moreover, the STOCK Act doesn’t quite compel members of Congress to be accurate when disclosing what they buy or sell. Hence, Cawthorn’s crypto activities vary in amount from $290,000 to $950,000. He still did not reply to Decrypt’s demand for feedback.
Cawthorn issues the statement on Wednesday, detailing transactions from January through the end of March. The STOCK Act gives members of Congress up to 45 days to declare $1,000 or additional stock, bond, or commodities trades. The Committee on Ethics was able to amend the statute in 2018. This is to state that all financial declarations by members of Congress have to include cryptocurrency.
Growing Pressure on the Members of Congress from Voting
There is a rising movement to prohibit members of Congress from having any stock at all. In January of this year, a bipartisan committee of 27 U.S. Representatives of the House appeals to leader Nancy Pelosi as well as Minority Leader Kevin McCarthy.
According to the message, there is no rationale for allowing members of Congress to exchange equities. Thus, they should be concentrating on performing their jobs and serving their constituents. Perhaps some of their colleagues will lose out on a rich investment opportunity as a result of this. However, they don’t even mind. They arrive at House to help the public rather than to make a fast buck.
Ever since, there have been initiatives to track cryptocurrency ownership by members of Congress, such as the crowdsourcing initiative Bitcoin Politicians. This is an information effort to follow politicians with a stake in Bitcoin. This is through financial declarations can be time-consuming. Thus, the purpose of this initiative is to crowdsource the job. As a result, the website now displays seven members of Congress as voting yes but it hasn’t been changed to reflect Cawthorn’s Bitcoin holdings.
Cawthorn previously declared to the House of Representatives on May 27 that he purchased up to $265,000 value of Ethereum. It also includes the $250,000 amount of the Let’s Go Brandon coin at the end of December. On New Year’s Eve, he liquidates a chunk of his assets and made at least $200.