Madison Cawthorne (R-NC) reveals that he was late in reporting up to $950,000 in cryptocurrency transactions including bitcoin, ethereum and solana.
North Carolina Congressional crypto trades included the anti-Joe Biden token “Let’s Go Brandon” (LGB), the native token of Request Network (REQ), and token for automated trading platform Krill (KRL).
He also stated that he had a capital gain of at least $200 on the partial sale of his KRL holdings on March 24.
as it stands, stock act Members of Congress do not need to be precise when reporting their purchases or sales, so the actual value of Cawthorne’s crypto transactions ranges from $290,000 to $950,000.
Cawthorne did not respond to a request for comment. decrypt,
In a report filed on Wednesday, Cawthorne details the transactions that took place from January to the end of March. The Stocks Act allows members of Congress up to 45 days to disclose stock, bond and commodity transactions of $1,000 or more.
The law was updated by the ethics committee in 2018 To specify that members of Congress must include cryptocurrencies in all financial disclosures.
There is mounting pressure to ban members of Congress from holding the stock. In January, a bipartisan group of 27 members of the US House sent a letter to Speaker Nancy Pelosi and Minority Leader Kevin McCarthy.
“There is no reason why members of Congress should be allowed to trade stocks when we should be focused on doing our job and serving our constituents,” Letter it is said. “Maybe it means some of our allies will miss out on a lucrative investment opportunity. We don’t care. We came to Congress to serve our country, not too soon.”
Since then, there have been attempts to track crypto held by people in Congress, including through a crowdsourced project. bitcoin politician, The website currently lists “yes” for seven members of Congress, but it has not been updated to reflect Cawthorne’s bitcoin holdings.
In an earlier disclosure filed with the House of Representatives on May 27, Cawthorne disclosed the purchase of $265,000 worth of Ethereum (ETH) and $250,000 worth of “Let’s Go Brandon” tokens in late December. On New Year’s Eve, he sold a portion of his “Let’s Go Brandon” holdings and realized a capital gain of at least $200.
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