Rep. Madison Cawthorn, who is about to leave Congress, was sanctioned by the House Ethics Committee for promoting cryptocurrency he had an interest in.
, rose by 75% a day after Cawthorn's post based on news of the coin's sponsorship deal with NASCAR driver Brandon Brown. The value of the coin collapsed after NASCAR barred that deal from taking effect.
The late fees relate to Cawthorn's failure to file the required disclosures of his crypto holdings and transactions. "Based on the totality of his conduct, including his repeated and knowing promotion of a cryptocurrency in which he held a financial interest, the Committee also determined that Representative Cawthorn acted in a manner that did not reflect creditably upon the House, in violation of clause 1 of the House Code of Official Conduct," the panel said.
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