A Democratic representative for District 182 in Pennsylvania, Ben Waxman, has introduced a bill to stop public officials from profiting from cryptocurrency while in office.
The legislation, HB1812, was introduced with eight Democratic co-sponsors. If the measure becomes law, it would update state statutes to block elected officials and their immediate families from crypto transactions over $1,000 while serving and for a year after leaving office.
It also requires them to sell any current holdings within 90 days of the law taking effect.
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The proposal carries strict consequences. Violations could bring fines of up to $50,000, and in some cases, prison sentences of as long as five years.
Waxman explained:
In Pennsylvania, no public official should be allowed to use their office to enrich themselves through cryptocurrency schemes.
He added, “That’s why I’m introducing legislation to prohibit elected officials from profiting off cryptocurrency while in office. This includes launching, promoting, or trading in coins where they hold a personal financial interest”.
Waxman pointed to President Donald Trump’s involvement in the Official Trump meme coin and accused him of supporting policies that weaken federal oversight of the crypto sector.
By covering family members as well as officials, the bill aims to prevent indirect profits. It also sets clear deadlines with both a 90-day divestment rule and a one-year cooling-off period after leaving office.
Recently, Wisconsin legislators proposed a bill, Senate Bill 386, to address scams linked to cryptocurrency kiosks. What does the bill cover? Read the full story.
