A new bill in Pennsylvania aims to prohibit elected officials from profiting from cryptocurrencies during their time in office.
Introduced by Democratic Representative Ben Waxman of the 182nd district, House Bill 1812 has gained support from eight fellow Democrats. The proposal cites President Donald Trump’s alleged profits from his own meme coin and his efforts to ease crypto regulations as key motivations. Waxman argued that mixing public office with personal crypto investments amounts to “corruption.”
Under the bill, public officials and their immediate family members would be barred from conducting crypto transactions above $1,000 while in office. They would also be required to divest any existing holdings within 90 days of the law taking effect. Violators could face fines of up to $50,000 and, in severe cases, prison sentences of up to five years.
Similar initiatives are also being discussed in Congress, where lawmakers are considering banning all officials, including the president, from issuing, promoting, or profiting from cryptocurrencies. If passed, Waxman’s proposal could make Pennsylvania one of the strictest states in the U.S. when it comes to crypto regulation.
