Thom Tillis urges probe of Madison Cawthorn over possible insider

A Republican senator on Wednesday called on Congress to investigate his GOP colleague Rep. Madison Cawthorn, who has come under fire as ethics watchdogs raise suspicions of possible insider trading over his relationship to an anti-Biden cryptocurrency.

“Insider trading by a member of Congress is a serious betrayal of their oath, and Congressman Cawthorn owes North Carolinians an explanation,” Sen. Thom Tillis wrote on Twitter.

“There needs to be a thorough and bipartisan inquiry into the matter by the House Ethics Committee,” the North Carolina senator tweeted.

Tillis’ tweet ratchets up the already-intense pressure Cawthorn was facing from within his own party. The 26-year-old freshman lawmaker’s recent comments and other troubles — including a citation Tuesday for bringing a loaded handgun to an airport — have made him a magnet for controversy as the GOP looks to regain majority control of the House in the midterm elections.

Tillis last month endorsed Cawthorn’s primary challenger, and a Tillis-tied super PAC reportedly spent more than $300,000 on ads that attacked Cawthorn.

A spokesman for Cawthorn did not immediately respond to CNBC’s request for comment. In an Instagram post Tuesday night, Cawthorn slammed “Rino senators and establishment pawns [who] want us to go back to the days before [former President Donald] Trump.”

Tillis called for the ethics probe after government watchdogs told the Washington Examiner that Cawthorn may have broken federal insider trading laws, which restrict investors from profiting off non-public information.

Cawthorn has publicly boasted about his holdings of the Let’s Go Brandon coin, a cryptocurrency which gets its name from a conservative meme mocking President Joe Biden.

James Koutoulas, a lawyer and fund manager who is described in an investor lawsuit as the co-founder of the company, posted a photo on Instagram on Dec. 29 at a party with Cawthorn and Erik Norden, another co-founder of the crypto currency.

Cawthorn’s official Instagram account commented on that photo: “Tomorrow we go to the moon!”

One day later on Dec. 30, the racing team for NASCAR driver Brandon Brown announced that Let’s Go Brandon coin had been signed as the team’s primary partner for the 2022 season. Koutoulas is quoted in the press release.

Let’s Go Brandon coin’s value shot up more than 75% after the announcement, bringing the total value of all the coins in circulation to more than $570 million, according to news reports. Days later, NASCAR rejected the sponsorship deal, and by February the coin’s price had plummeted.

The timeline of events suggests to some watchdog groups that Cawthorn may have had nonpublic knowledge of the deal with Brown at the time of the Dec. 29 Instagram post.

“It certainly raises some eyebrows,” said Jordan…