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- Senator Thom Tillis of North Carolina called on Congress to investigate Madison Cawthorn for insider trading violations.
- The accusation is related to the “Let’s Go Brandon” memecoin, which the republican was involved with a few months ago.
On April 26, a Republican senator called on Congress to investigate his party colleague for insider trading violations. The senator wrote on Twitter;
Insider trading by a member of Congress is a serious betrayal of their oath, and Congressman Cawthorn owes North Carolinians an explanation, there needs to be a thorough and bipartisan inquiry into the matter by the House Ethics Committee.
Senator Tillis called for accountability for Madison Cawthorn after government watchdogs told the Washington Examiner that Cawthorn may have been involved in insider trading of the Let’s Go Brandon coin.
Let’s Go Brandon coin
Let’s Go Brandon has become a meme in the U.S. conservative community. The phrase came into use after an NBC reporter misheard the crowd’s statement shouting “F**ck Joe Biden” and interpreted it as “Let’s Go Brandon”. The phrase has come to be frequently used in pop culture and politics, as well as by people who criticize U.S. President Joe Biden.
LGBcoin cryptocurrency was traded in early November, and on December 30, the company announced that it would sponsor Brandon Brown’s Brandonbilt Motorsports team for the 2022 season. A team spokesman told the Fox Business website that the agreement was reached on Dec. 26. On Jan. 5, 2022, sports journalist Bob Pokrass announced that NASCAR had not approved the sponsorship. As a result, investor James Kutulas threatened to sue NASCAR and called for a boycott until the decision was reversed.
Madison Cawthorn’s involvement in LGBcoin
Cawthorn has repeatedly stated that he has a huge supply of LGBcoin currency. James Koutoulas, a lawyer and fund manager who appears in the investors’ lawsuit as a co-founder of the company, posted a photo on Instagram on Dec. 29 of himself at a party with Cawthorne and Eric Norden, another cryptocurrency co-founder.
Thus, Cawthorn may have had information about the partnership deal with Nascar, which eventually failed and after a huge rise, the coin collapsed. In April, an investor in the coin filed a class action lawsuit accusing the people behind the token of orchestrating a pump-and-dump scheme. Cawthorne is not named as a defendant in the lawsuit, but there are several instances in which he promoted the coin. The lawsuit also alleges that Cawthorn and others continued to promote a similar version of the coin after it was re-launched in February.
“It is not technically or legally possible for a decentralized meme coin that exists to promote free speech and charitable giving to be classified or treated as a security,” -Said Cawthorn in his defense
Also read: New York State Assembly passes a bill to ban crypto mining if they don’t switch to green energy
