A recent disclosure filed with the U.S. House of Representatives on Wednesday revealed that Rep. Madison Cawthorn (R-NC) failed to report between $290,000 and $950,000 in crypto trades within the 45-day federal law.
Cawthorn reported that his trades took place between January and March, which shows purchases and sales of six types of cryptocurrencies, according to INSIDER:
Kryll – $116,000 to $265,000Ethereum – $61,000 to $215,000Solana – $48,000 to $195,000Bitcoin – $47,000 to $180,000Let’s Go Brandon coin – $15,000 to $50,000Request – $3,000 to $45,000
Rep. Cawthorn’s recently filed disclosures only add to the existing financial disclosure issues he currently faces. In late May, the young congressman, who lost his seat last month to North Carolina state Sen. Chuck Edwards, disclosed that he had purchased $250,000 in “Let’s Go Brandon” coin on December 21, 2021, selling $100,001 of it 10 days later. He reported that transaction four months after the disclosure was due.
The STOCK Act
Under the 2012 Stop Trading on Congressional Knowledge Act (STOCK Act), all financial disclosure filings must disclose ownership interests of virtual currency worth more than $1,000, in efforts of preventing conflicts of interest and minimizing insider trading.
Current congressional rules could subject Rep. Cawthorn to a minimum fine of $200, but the House Committee on Ethics could grant a waiver that would absolve the fine.
Business Insider’s “Conflicted Congress” project in addition to other news outlets identified 63 members of Congress who have also violated the STOCK Act, with 182 senior congressional staffers also violating the Act’s disclosure provisions.
Rep. Cawthorn has continued to face many controversies during his short time in office, with the most recent occurring in April after officers cited him for carrying a loaded 9-millimeter handgun inside Charlotte Douglas International Airport.
In February 2021, he was cited (but not charged) for also trying to bring a gun onto a plane in his carry-on luggage at Asheville Regional Airport.
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