Congressman Madison Cawthorn appears to have gone against the rules of the STOCK act. He failed to disclose his crypto holdings within the allotted time.
The U.S congress representative invested in crypto assets between January and March. This report came in late as Lawmakers are obliged to publicly report their financial asset holdings within 45 days of purchase. Cawthorn may be fined in the coming days for his failure to act promptly on this occasion.
Rep. Madison Cawthorn’s Crypto Holdings
Madison Cawthorn submitted his virtual currency and digital assets holdings to the United States House of Reps yesterday, June 8th. Based on his disclosure, the Republican Rep holds between $290,000 to $950,000 worth of crypto assets. Congress laws require lawmakers to report their financial trades in broad ranges. Here’s a breakdown of Cawthorn’s digital currency holdings:
· 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
Interestingly, Cawthorn is not the only congress member guilty of violating the 2018 memorandum of the House committee. In the past year, 63 members of Congress have failed to declare their financial trades promptly. Since the inception of the Stock Act, 180 members of congress have defaulted.
Madison Cawthorn’s recent disclosure has also stirred some divisions between Democrats and Republicans in the council. The Let’s Go Brandon coin is the source of the controversies. The token was created as a slur against current president Joe Biden. This has triggered the rage of members of the Democratic Party. Cawthorn may now be charged with violating insider trading laws, and the Justice Department may now be called upon to handle his case.
Cawthorn is no stranger to controversy. Just a month after taking his place in the office, he was cited for handling a gun in an airport. He is also known for being too brutal in his speech to Party opponents. While he has escaped penalties in his previous citations, the recent saga looks too weighty to sweep under the carpet. In the meantime though, Cawthorn is yet to be penalized.