A House investigation concluded that the Republican Congressman violated multiple rules when he invested in and promoted the cryptocurrency.
“The [Investigative Subcommittee] found substantial evidence that Representative Cawthorn promoted a cryptocurrency in which he had a financial interest in violation of rules protecting against conflicts of interest, and that he failed to file timely reports to the House disclosing his transactions relating to the cryptocurrency,” the Committee wrote.
Further, the ISC noted that Cawthorn was given a favorable deal in his crypto purchase, making the acquisition an “improper gift.”As a result, Cawthorn will have to pay back a chunk approximately equal to the value of what he was given, along with a fine. “The ISC unanimously recommended that Representative Cawthorn be required to repay the value of the improper gift and pay all applicable fees for his late filing of disclosures for his cryptocurrency transactions,” said the report.
According to the Tuesday report, Cawthorn purchased 180 billion LGBCoin for $150,000 in December 2021. He sold off almost all of his purchase in three chunks within a few weeks of buying it—attempting to cash in on the short-lived boost the currency got from the failed NASCAR driver sponsorship deal. As of November 19, Cawthorn reported still owning more than 15 billion LGBCoins.
But in a small win for the Rep., the House Committee at least didn’t find Cawthorn guilty of engaging in an improper relationship with a staffer—something he had also been accused of.Cawthorn lost his bid for reelection in North Carolina’s May Republican primary and will be replaced by Chuck Edwards in 2023. As a parting gift, he delivered a rousing,
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