Rep. Madison Cawthorn Fails to Report Up to $950,000 in Crypto Trades

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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 $265,000
  • 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

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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