Rep. Madison Cawthorn, a Republican from North Carolina, watches results from his primary election at his campaign headquarters on Tuesday, May 17, 2022 in Hendersonville, North Carolina. Cawthorn lost — and will be forced to leave Congress.
Jabin Botsford/The Washington Post via Getty Images
Rep. Madison Cawthorn faces an ethics complaint over his crypto trades.
Cawthorn appears to have again violated the STOCK Act’s disclosure provisions.
Congress is actively debating whether to limit or ban lawmakers from making certain financial trades.
Republican Rep. Madison Cawthorn of North Carolina appears to have again violated a federal conflict-of-interest law by failing to properly report purchases and sales of six types of cryptocurrencies, according to a new congressional financial disclosure.
The reported value of Cawthorn’s newly disclosed crypto trades is between $290,000 and $950,000, according to his disclosure, which he filed with the US House of Representatives on Wednesday morning.
Cawthorn reported his trades took place between January and March. By federal law, he had no more than 45 days to publicly disclose them in a certified document submitted to Congress.
The value of his newly reported crypto trades are:
Kryll, $116,000 to $265,000
Ethereum, $61,000 to $215,000
Solana, $48,000 to $195,000
Bitcoin, $47,000 to $180,000
Let’s Go Brandon Coin, $15,000 to $50,000
Request, $3,000 to $45,000
Lawmakers are only required to report the value of such financial trades in broad ranges.
Cawthorn on Wednesday also reported investing between $100,000 and $250,000 in a decidedly conservative fund — the SPDR S&P 500 ETF, which tracks the performance of the S&P 500 benchmark index. He also disclosed this trade Wednesday — on time, per federal law.
Cawthorn’s congressional office did not immediately respond to a request for comment.
Multiple scandals for Cawthorn
Cawthorn’s new disclosures compound existing financial disclosure problems he faces.
Insider previously reported that the young congressman, who lost his seat last month to a primary challenger, disclosed in late May that he bought up to $250,000 in “Let’s Go Brandon” coin on December 21, 2021.
On December 31, he sold some of his stake in the coin — at least $100,001-worth of it — but still held on to some of it. He reported the transaction about four months past when the disclosure was due.
While it’s not illegal for Cawthorn to buy or sell the cryptocurrencies, he reported each of the transactions more than six months after making them — well over the limit required under the 2012 Stop Trading on …read more
Source:: Business Insider