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

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The Ethics Subcommittee has accused the House member of insider trading of the Let's Go meme token Brandon (LGB) and began to investigate.

Investigative Ethics Subcommittee,led by Democratic Congresswoman Veronica Escobar announced the launch of an investigation into US Representative Madison Cawthorn. The parliamentarian promoted LGB with, his colleague assures, a hidden financial interest.

According to Escobar's sources, Cawthorn owned andpromoted the Let's Go Brandon token the day before announcing a partnership with NASCAR driver Brandon Brown. The meme transformed a popular Republican euphemism calling for a boycott of the position of the current president of the country - “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, causing the value of LGB to increase by 75%.

In April, the creators of the meme token and itspromoters are facing a class-action lawsuit over allegations of 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 purported value of the crypto asset. For personal gain, they secretly controlled a significant amount of publicly traded assets, the ethics subcommittee says, to artificially inflate the value of LGB - before selling their shares.

House Ethics Committeewill conduct a comprehensive bipartisan investigation into the incident because "insider trading by members of Congress is a serious violation of their oath of office."

In March, Dogecoin co-founder Billy Marcus(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 widely used for making purchases.