Pennsylvania State Representative Ben Waxman, representing the 182nd District, has put forward a new legislative proposal intended to prevent public servants from gaining personal financial benefits through cryptocurrency activities while holding their positions.
The proposed law, known as HB1812, was presented with the backing of eight fellow Democratic lawmakers. Should it be enacted, the legislation would amend existing state laws to prohibit elected officials, along with their immediate family members, from engaging in cryptocurrency transactions exceeding $1,000 during their tenure and for a period of one year after their departure from office.
The bill also stipulates that they must dispose of any existing cryptocurrency investments within a 90-day window following the law’s effective date.
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Non-compliance with the proposed legislation carries substantial penalties. Violators could face fines reaching $50,000, and in certain instances, imprisonment for up to five years.
Waxman stated:
In the Commonwealth of Pennsylvania, no elected official should be permitted to leverage their public office for personal enrichment through cryptocurrency ventures.
He further clarified, “Therefore, I am introducing this legislation to bar elected officials from profiting from cryptocurrency while in office. This includes initiating, advocating for, or engaging in trading activities involving digital currencies in which they possess a direct financial stake.”
Waxman alluded to former President Donald Trump’s connection to the Official Trump meme coin, also suggesting he has supported measures weakening federal regulation of the cryptocurrency industry.
By including immediate family members within the scope of the bill, the initiative seeks to deter indirect profiteering. Moreover, it establishes unambiguous deadlines, encompassing both a 90-day requirement to divest holdings and a one-year moratorium following the conclusion of their public service.
In related news, Wisconsin lawmakers recently introduced Senate Bill 386, aimed at addressing fraud associated with cryptocurrency kiosks. Want to know more? Get the complete details here.