US Rep. Madison Cawthorn, who recently lost his primary to represent western North Carolina again, is now under investigation for crypto-related matters, a press release from the US House Committee on Ethics said Monday (May 23).
The investigation against Cawthorn, who came to prominence after becoming the youngest serving Senator and for embracing divisive positions, arises from concerns that he might have improperly promoted a cryptocurrency in which he had an undisclosed financial interest, the release said.
Meanwhile, CNBC writes that investors have pulled over $10 billion out of tether in the last two weeks as regulatory scrutiny increases. Tether, the world’s biggest stablecoin and meant to be pegged to the U.S. dollar, dipped as low as 95 cents on May 12 in the wake of the collapse of the UST stablecoin, which completely collapsed around that time and sent crypto as a whole spiraling down.
Madison Cawthorn has become a vocal and highly visible representative of the pro-Trump wing of the republican party, securing the former president’s endorsement in his latest, ultimately unsuccessful, bid for re-election. The only current senator to have been born in the 1990s, Cawthorn has found himself embroiled in a number of scandals of late involving both crypto currencies and inappropriate relations with staff members, which the Ethics Committee will also investigate.
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