WASHINGTON — U.S. Sen. Thom Tillis called on the House Ethics Committee to investigate fellow Republican Rep. Madison Cawthorn on Wednesday, a day after the Washington Examiner broke a story saying Cawthorn could be implicated in insider trading.
“Insider trading by a member of Congress is a serious betrayal of their oath, and Congressman Cawthorn owes North Carolinians an explanation,” Tillis said in a tweet. “There needs to be a thorough and bipartisan inquiry into the matter by the House Ethics Committee.”
The Washington Examiner uncovered a photo posted on Instagram Dec. 29 in which Cawthorn posed with James Koutoulas, a hedge fund manager and the man behind the cryptocurrency “Let’s Go Brandon” meme coin. In an Instagram post at the time, Cawthorn announced that he owned the cryptocurrency and that the next day it would “go to the moon.”
Cawthorn’s prediction came true when NASCAR driver Brandon Brown announced the following day that the Let’s Go Brandon cryptocurrency would be his primary sponsor in the 2022 racing season.
“Let’s Go Brandon” became a phrase used to express opposition to President Joe Biden after a NASCAR journalist misreported a chant by racing fans as cheering the driver when they were actually cursing at the president.
After Brown’s announcement, which included a photo of the driver and Koutoulas, the meme coin’s value spiked by 75%, the Examiner reported. The total value of the coin reached $570 million before bottoming out at $0 a month later, leading to at least one lawsuit against Koutoulas for an alleged pump-and-dump scheme.
Tillis and Cawthorn have been at odds in recent weeks after a series of controversies involving the 117th Congress’ youngest member. Cawthorn drew ire from his colleagues after:
—Calling Ukrainian President Volodymyr Zelenskyy “a thug” and its military “evil.”
—Being cited for what authorities said was driving while his license was revoked.
—Saying that members of Congress participated in orgies and did “key bumps of cocaine,” which angered Republican leaders.
—On Tuesday, being cited by Charlotte-Mecklenburg police for bringing what they said was a loaded 9 mm gun in a carry-on bag to the airport.
Tillis has endorsed Cawthorn’s opponent, state Sen. Chuck Edwards, and a super PAC that had previously worked to elect Tillis has turned to spending more than $500,000 campaigning against Cawthorn.
Tillis was joined in endorsing Edwards by state Senate leader Phil Berger and House Speaker Tim Moore.
Approached in the U.S. Capitol on Wednesday, Cawthorn declined to comment. But he took to Instagram Tuesday night blaming Republican leaders and a Senate “RINO,” (Republican In Name Only) presumably Tillis, for his latest scandals making the news.
It’s not the first time Tillis has called on a North Carolina member of Congress to explain himself to his constituents over allegations of insider trading. U.S. Sen. Richard Burr, a Republican, also has been accused.
At the start of the pandemic, Burr is accused of selling off $1.6 million in stocks, according to court filings by the Securities and Exchange Commission. The Department of Justice announced its investigation into Burr’s actions with stocks ended but an SEC investigation is ongoing.
Tillis was among at least 25 senators whose campaigns contributed to a legal expense fund for Burr in the first months of 2021 as he dealt with mounting legal costs.
“Every American is entitled to raise funds for their legal defense, and every American has a right to due process and the presumption of innocence,” Tillis spokesman Daniel Keylin said at the time. “It was profoundly disappointing that some people motivated by partisan politics attempted to deny Senator Burr of his due process rights and wage a trial by media even though a thorough and fair investigation ultimately cleared him.”
Congress has recently debated preventing its members from owning stocks or holding them in a blind trust while they’re serving in office in order to prevent the appearance of any wrongdoing.
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