Republican Representative for North Carolina, Madison Cawthorn, is at the heart of allegations involving the failure to disclose cryptocurrency holdings.
Accusations of breaking insider trading rules come from fellow Republican Thom Tillis, who calls on Congress to investigate Cawthorn’s involvement with the Let’s Go Brandon token. Senator Tillis, also of North Carolina, said:
“Insider trading by a member of Congress is a serious betrayal of their oath, and Congressman Cawthorn owes North Carolinians an explanation.”
Cawthorn claims he’s the victim of a ‘coordinated drip campaign’ after refusing to engage with House Colleagues in Washington. He also claims to have witnessed cocaine use among key figures.
The Let’s Go Brandon cryptocurrency token
Accusations Rep. Cawthorn violated insider trading rules stem from his involvement with the Let’s Go Brandon cryptocurrency token.
The term Let’s Go Brandon originated from a viral video of NASCAR driver Brandon Brown talking to NBC after winning the NASCAR Xfinity Series. During the interview, the crowd could be heard chanting “f*ck Joe Biden.” The interviewer spun the chant to “let’s go, Brandon” as a form of damage control.
The term has since become a marker of pro-Republican support. And it was only a matter of time until somebody created a meme token out of it.
CoinMarketCap shows three Let’s Go Brandon tokens, LGBT, LETSGO, and LGB. Further investigations indicate the original token is LGB, which hedge fund manager James Koutoulas founded.
Price movement for LGB shows a high of $0.000001655 on January 1, 2022, followed by a sharp decline. Other than two spikes, the first around mid-February and a more protracted one in mid-March, LGB shows the hallmarks of a dead token.
Failing to disclose cryptocurrency holdings greater than $1,000 puts Rep. Cawthorn in violation of insider trading rules enacted for public transparency.
“It was illegal for members of Congress to engage in insider trading and created disclosure requirements that allow the public to see whether their representatives can personally benefit in the votes they cast or the legislation they introduce.”
In response, Rep. Cawthorn said the “establishment” is conducting a ‘coordinated drip campaign’ against him. A drip campaign is the same as a smear campaign.
Rep. Cawthorn remains unfazed by the ‘drip campaign,’ calling it nothing more than ‘political shenanigans.’ He remains confident of winning re-election to represent North Carolina’s 11th Congressional District on May 17, 2022.