North Carolina Rep. Madison Cawthorn was ordered by the House Ethics Committee to make a donation to charity after the panel found he violated chamber rules when promoting a cryptocurrency that could have led to his own financial gain
A spokesman for Mr. Cawthorn didn’t immediately respond to a request for comment on the investigation’s conclusion.
Mr. Cawthorn appeared to back the coin on Instagram, and was in promotional materials for it, over a two-week period last December and in January of this year. During that time, the value of the currency soared and then tanked. The report found that Mr. Cawthorn also purchased the currency at a more favorable price than other investors. Still, the committee concluded that Mr. Cawthorn didn’t engage in fraudulent activity.
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