An alleged pump-and-dump of the meme coin "Let's Go Brandon" by Rep. Madison Cawthorn (R-N.C.) appears to have prompted an investigation by the U.S. House of Representatives.
In a press release Monday, the House Ethics Committee announced an investigation into whether Cawthorn, a Republican, "inappropriately promoted a cryptocurrency in which he may have had an undisclosed financial interest."
The investigation follows reports that Cawthorn owned and promoted the Let's Go Brandon token a day before he announced a partnership with NASCAR driver Brandon Brown. "Let's Go Brandon" has become a right-wing shorthand for "F*** Joe Biden."
"LGB Legends. ... Tomorrow we go to the moon!", Cawthone told his Instagram followers the night before the announcement, as reported by the Washington Examiner. (The token's price actually skyrocketed after that news and has since plummeted).
Cawthorn is a controversial congressman who has few allies left, even in the GOP. His alleged insider trading has prompted Sen. Thom Tillis (R-N.C.) to call for a congressional ethics investigation.
The investigation needs to happen quickly: Cawthorn, who lost his primary, will retire from Congress at the end of the year.