{"id":636,"date":"2022-06-08T21:09:39","date_gmt":"2022-06-08T21:09:39","guid":{"rendered":"https:\/\/solanacrypto.news\/2022\/06\/08\/madison-cawthorn-failed-to-properly-disclose-up-to-950k-in-bitcoin-ethereum-solana-trades\/"},"modified":"2022-06-08T21:09:39","modified_gmt":"2022-06-08T21:09:39","slug":"madison-cawthorn-failed-to-properly-disclose-up-to-950k-in-bitcoin-ethereum-solana-trades","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2022\/06\/08\/madison-cawthorn-failed-to-properly-disclose-up-to-950k-in-bitcoin-ethereum-solana-trades\/","title":{"rendered":"Madison Cawthorn Failed to Properly Disclose up to $950K in Bitcoin, Ethereum, Solana Trades"},"content":{"rendered":"
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A new financial disclosure from Rep. Madison Cawthorn (R-NC) shows he was late in reporting up to $950,000 in cryptocurrency transactions that included Bitcoin, Ethereum, and Solana.<\/span><\/p>\n

The North Carolina congressman\u2019s crypto trades included the anti-Joe Biden token \u201cLet\u2019s Go Brandon\u201d (LGB)<\/a>, the native token of the Request Network (REQ), and the token for automated trading platform Kryll (KRL).\u00a0<\/span><\/p>\n

He also reported that he realized a capital gain of at least $200 on a partial sale of his KRL holdings on March 24.<\/span><\/p>\n

As it stands, <\/span>the STOCK Act<\/span><\/a> does not require members of Congress to be precise when reporting what they buy or sell, so the actual value of Cawthorn\u2019s crypto transactions ranges from $290,000 to $950,000.<\/span><\/p>\n

Cawthorn has not responded to a request for comment from <\/span>Decrypt<\/span><\/i>.<\/span><\/p>\n

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The report, which Cawthorn filed on Wednesday, details transactions that occurred from January until the end of March. The STOCK Act allows members of Congress up to 45 days to disclose stock, bond, and commodity transactions of $1,000 or more.<\/span><\/p>\n

The law was updated by the Committee on Ethics <\/span>in 2018<\/span><\/a> to specify that members of Congress must include cryptocurrencies in all financial disclosures.\u00a0<\/span><\/p>\n

There\u2019s been growing pressure to ban members of Congress from owning stocks at all. In January, a bipartisan group of 27 U.S. House members sent a letter to Speaker Nancy Pelosi and Minority Leader Kevin McCarthy.<\/span><\/p>\n

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\u201cThere is no reason that members of Congress need to be allowed to trade stocks when we should be focused on doing our jobs and serving our constituents,\u201d <\/span>the letter<\/span><\/a> says. \u201cPerhaps this means some of our colleagues will miss out on a lucrative investment opportunity. We don\u2019t care. We came to Congress to serve our country, not turn a quick buck.\u201d<\/span><\/p>\n

Since then, there have been efforts to track crypto held by people in Congress, including the crowdsource project <\/span>Bitcoin Politicians<\/span><\/a>. The website currently lists a \u201cYes\u201d for seven members of Congress, but it hasn\u2019t been updated to reflect Cawthorn\u2019s Bitcoin holdings.<\/span><\/p>\n

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Wild chain of events:
Dec 21: Madison Cawthorn buys up to $250k in Let’s Go Brandon Coin
Dec 29: His IG post predicts LGB is going “to the moon”
Dec 30: Previously undisclosed endorsement deal sends LGB skyrocketing
Dec 31: Cawthorn sells off LGB holdingshttps:\/\/t.co\/yioN3uPJly<\/a><\/p>\n

\u2014 Lachlan Markay (@lachlan) June 1, 2022<\/a><\/p>\n<\/blockquote>\n<\/div>\n

In an earlier disclosure, filed with the House of Representatives May 27, Cawthorn disclosed the purchase of up to $265,000 worth of Ethereum (ETH) and up to $250,000 worth of the \u201cLet\u2019s Go Brandon\u201d token at the end of December. On New Year\u2019s Eve, he sold a portion of his \u201cLet\u2019s Go Brandon\u201d holdings and realized a capital gain of at least $200.<\/span><\/p>\n

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