Sen Tillis demands investigation on Rep Madison Cawthorn for insider trading
A Republican senator Thom Tillis called on Congress to investigate the holdings of his colleague Madison Cawthorn, who has been on the radar of watchdogs for possible insider trading over his connection with an anti-Biden crypto token.
Cawthorn owes Carolinians an explanation
Senator Tillis said that the insider trading if done by a Congressman, is a severe betrayal of their oath, and Cawthorn "owes Carolinians an explanation" He adds:"There needs to be a thorough and bipartisan inquiry into the matter by the House Ethics Committee."Cawthorn was already under much criticism from within his own party, and Tillis' tweet adds to that. As the GOP seeks to regain majority control of the House in the November elections, the 26-year-old freshman lawmaker's recent comments and other issues have filled him with controversy.
After watchdogs alerted the Washington Examiner that Cawthorn may have violated federal insider trading regulations, which prevent investors from benefitting from nonpublic information, Tillis asked for an ethics probe.
Let's Go Brandon Coin and Cawthorn's involvement
Cawthorn has made public boasts about his Let's Go Brandon coin holdings, a digital token named after a conservative meme attacking U.S. President Joe Biden."Tomorrow, we go to the moon!" Cawthorn's official Instagram account wrote in the comment section of the fund manager James Koutoulas' photo with him on December 29.
The racing team for NASCAR driver Brandon Brown stated one day later that Let's Go Brandon coin had joined as the team's major partner for the 2022 season. Following the revelation, the price of the token increased by more than 75%. The sponsorship contract was rejected by NASCAR a few days later and by February 2022, resulting in the token plunge.
According to several watchdogs investing in pump and dump schemes, the timing hints at Cawthorn having some nonpublic information of Brown's deal at the December 29 Instagram post.
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