Crypto Profits Off-Limits for PA Lawmakers New Bill Proposes
A Republican legislative proposal in Pennsylvania aims to stop officials from benefiting financially from cryptocurrencies during their tenure.
The bill, known as HB1812, was introduced by State Representative Ben Waxman, alongside eight colleagues, on August 20th. They aim to prohibit “public officials from profiting from crypto assets.” The law would also mandate that legislators liquidate any current holdings.
Waxman argued that federal-level corruption drove his initiative, specifically critiquing former president Donald Trump’s involvement in crypto projects. He alleged that the President used his position “to advance his financial interests” via ventures like the Official Trump coin. This,he said,blurred ethical boundaries and opened doorways for conflict.
Democrats have long criticized Trump’s handling of financial resources.Trump, along with his family, has been linked to multiple ample ventures in the crypto industry, sparking public concern over potential conflicts.
If ratified, HB1812 will amend Title 65 of Pennsylvania’s statutes. It would apply strict guidelines prohibiting crypto involvement worth over $1,000 for public officers and ensure mandatory divestment within 90 days of the law’s enactment.
The bill also sets penalties for infractions, ranging from $50,000 fines to up to five years in prison.
This proposed law aligns with national-level attempts to prevent crypto exploitation by officials, like the STOP TRUMP in Crypto Act. While awaiting approval steps,HB1812 puts Pennsylvania municipal leadership in focus for responsible handling of cryptocurrency interests.
