The Cryptic Cryptocurrency Chronicles
In a tale that could only be described as a government drama mixed with a financial thriller, outgoing Representative Madison Cawthorn has been slapped with a hefty fine of over $15,000. This financial penalty comes from the House Committee on Ethics after they found that Cawthorn improperly promoted a cryptocurrency called Let’s Go Brandon (LETSGO), all while sitting on a juicy undisclosed investment. Talk about a twist in a political plot!
The Investigation Unfolds
After what felt like an eternity in bureaucratic limbo—seven months to be precise—the Committee released a report on December 6 showcasing their findings. Cawthorn’s actions during his cryptocurrency escapades were seen as a blatant violation of conflict of interest rules. It seems he might’ve been more interested in profiting than simply making friends.
Money in, Money Out
So, what exactly went down with those LETSGO tokens? Well, Cawthorn dropped a whopping $150,000 to snag around 180 billion LETSGO tokens—talk about a surprising holiday shopping spree! Not to forget, he managed to nab them without the pesky transaction fees that usually come with such purchases. But wait, there’s more! At the time, those tokens were trading close to $164,200, leaving a sweet little $14,237 difference that the Committee took as a ‘gift’ from the crypto gods—something he’ll now have to repay to charity.
Just When You Thought It Was All Over
After his big purchase in December 2021, Cawthorn decided to cash in by selling nearly all his tokens by the end of January 2022. However, the result was less than desirable as he ultimately posted a loss of nearly $7,500. I guess sometimes it doesn’t pay to be the early bird—especially in the volatile world of cryptocurrency.
The Verdict and Penalties
The Ethics Committee reached a curious impasse regarding whether Cawthorn intentionally tried to profit off these promotional activities. While there wasn’t solid evidence of sketchy maneuvering—including any insider trading—his failure to file timely transaction reports raised eyebrows. It should be noted that the crypto disclosure rules are a relatively new landscape, leading Cawthorn to claim he was misinformed about the requirements. But alas, ignorance cannot shield you from a fine!
What’s Next for Cawthorn?
As the dust settles, Cawthorn is left with obligations that include submitting a transaction report of his purchases and sales. He will also pay a $1,000 late fee, ensuring his finances remain as chaotic as his political career. He’s not entirely out of the cryptocurrency game yet, still holding a staggering 15.3 billion LETSGO—the current market value of which hovers under $25.50. Seems like his investment might need a miracle to bounce back. Cawthorn will officially vacate his seat in January 2023 after a rough ride in the Republican primary.
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