House Ethics Committee investigating Rep. Madison Cawthorn's cryptocurrency promotion

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North Carolina Republican Rep. Madison Cawthorn is under investigation by the House Ethics Committee.

The committee is looking into accusations of financial impropriety from Cawthorn after the then-sitting representative pushed his followers and supports to invest in the "Let's Go Brandon" coin. 

According to the committee, "Pursuant to the Committee’s action, the Investigative Subcommittee shall have jurisdiction to determine whether Representative Madison Cawthorn may have: improperly promoted a cryptocurrency in which he may have had an undisclosed financial interest, and engaged in an improper relationship with an individual employed on his congressional staff."

GOP MEMBERS REVEAL THOUGHTS ON MADISON CAWTHORN'S PRIMARY LOSS: ‘HE DID IT TO HIMSELF’ 

Cawthorn has been accused of contributing to the rapid rise in value and subsequent collapse of the Let's Go Brandon crypto currency, a scheme commonly known as a "pump and dump."

The committee voted to launch the investigative subcommittee on May 11.

FILE - Rep. Madison Cawthorn, R-N.C., speaks before former President Donald Trump takes the stage at a rally on April 9, 2022, in Selma, N.C. A series of unforced political and personal errors by Cawthorn has brought the forces of big-name Republicans and traditional enemies to bear on his reelection bid in North Carolina.(AP Photo/Chris Seward, File) (AP Photo/Chris Seward, File)

The ethics committee clarified that the establishment of an investigation does not mean that any violation has occurred.

Cawthorn is also under a separate investigation into whether he had an inappropriate relationship with a staffer.

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Cawthorn last week denounced those who didn’t have his back and said it’s time for the "new right" and "Dark MAGA" to take command two days after losing his Republican primary amid several scandals.  

Rep. Madison Cawthorn, R-N.C., watches results from the North Carolina primary election with staff, volunteers, family and friends at his campaign headquarters on Tuesday, May 17, 2022, in Hendersonville, N.C.  (Jabin Botsford/The Washington Post via Getty Images)

Republican National Committee Chairwoman Ronna McDaniel responded to the comments from Madison. When asked what that meant on "Fox News Sunday," McDaniel had no idea.

"I don’t know what ‘Dark MAGA’ is. It sounds like something from Star Wars," McDaniel quipped.