Madison Cawthorn Under Investigation For Promoting LGB Coin• May 24, 2022 8:44 am • Comments
In a move that seems overly political, Madison Cawthorn is now under investigation for promoting a cryptocurrency.
“Let’s Go Brandon” has become a popular euphemism among conservatives that means ‘F**k Joe Biden“, and the phrase has become somewhat of a sensation sweeping the nation.
Online personalities, pundits, politicians, sports fans, and everyday citizens have taken to using the popular slogan, and in true memester fashion, a meme-coin was born to celebrate the sentiment, and give value to a community’s shared values.
This is how Dogecoin works, it is a meme coin with no underlying asset, unique use cases, or specific utility, but it holds value as a currency to be used in transactions because a community has chosen to value it.
To put matters into sharper focus, there is no difference between DOGE and the U.S. Dollar, both require the faith of the end user, both have no supply cap, and both have no underlying asset beneath the currency…
Senator Thom Tillis suggested that an investigation into Cawthorn’s alleged insider trading activities be launched last month, and the latest reports indicate that the House Committee on Ethics is now conducting a full, official investigation into the former rep.
Here’s what we currently know:
Here's a chart of the LGB coin that #MadisonCawthorn is in hot water for allegedly promoting. pic.twitter.com/OEVcMd09hl
— Slope of Hope (@SlopeOfHope) May 24, 2022
Crypto Briefing reports:
According to a statement by the United States House of Representatives Committee on Ethics, the investigation will seek to discover whether North Carolina Representative Madison Cawthorn “improperly promoted a cryptocurrency in which he may have had an undisclosed financial interest.”
The Congressman is also under scrutiny for potentially engaging “in an improper relationship with an individual employed on his congressional staff.”
🚨 BREAKING: The House Ethics Committee is investigating Republican Rep. Madison Cawthorn. The committee is investigating Cawthorn's possible improper promotion of anti Joe Biden themed #cryptocurrency, "Let's Go Brandon" #LGBCoin & not properly disclosing his stake. 1/4 pic.twitter.com/oYBskWktlt
— WallStreetPro (@wallstreetpro) May 23, 2022
This is bad. #NC11 Rep. Madison Cawthorn seems to have been caught up in a cryptocurrency pump & dump scheme that swindled investors. Cawthorn may have traded the LGBCoin cryptocurrency with insider information. Read the Washington Examiner story on this. It is pretty damning. https://t.co/6PZgARo3wo
— RRH Elections (@RRHElections) April 26, 2022
The Block explains:
The project, known as Let’s Go Brandon, touts itself as an ERC-20 decentralized meme token “inspiring positivity and patriotism.”
The project also purports to feature an “anti-whale” dumping mechanism that prohibits foundation supporters and large bag holders from selling the token within a sixth-month timeframe.
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