US congressman accused of promoting Let’s Go Brandon meme token

The Ethics Subcommittee accused the Rep of insider trading in the Let’s Go Brandon (LGB) meme token and launched an investigation.

Ethics Investigative Subcommittee chaired by Democratic Rep. Veronica Escobar announced on the launch of an investigation into US Rep. Madison Cawthorn. The parliamentarian promoted the LGB, having, his colleague assures, a hidden financial interest.

According to Escobar’s sources, Cawthorne owned and promoted the Let’s Go Brandon token the day before the announcement of the partnership with NASCAR driver Brandon Brown. The meme transformed the popular Republican ephemism calling for a boycott of the position of the country’s current president – “F *** Joe Biden” – into “Let’s Go Brandon”. NASCAR driver Brandon Brown also announced to his fans that the meme token will be the main sponsor of his 2022 season, resulting in a 75% increase in the value of LGB.

In April, the creators of the meme token and its promoters faced a class action lawsuit over allegations of creating a “pump and dump” scheme. The 77-page lawsuit alleges that the creators of the LGB token and several other public figures misled investors about the alleged value of the crypto asset. For personal gain, they secretly controlled a significant amount of assets available for public trading, the ethics subcommittee says, in order to artificially inflate the value of LGB – before selling their stakes.

The House Ethics Committee will conduct a comprehensive bipartisan investigation into the incident, as “insider trading by members of Congress is a serious violation of their oath.”

In March, Dogecoin co-founder Billy Markus published a series of tweets about how Dogecoin, originally created as a joke cryptocurrency, is becoming a full-fledged crypto asset and is being massively used to make purchases.