Pennsylvania Proposes Bill to Ban Public Officials from Profiting from Virtual Assets

Ben Waxman, a Democratic member of the Pennsylvania House of Representatives, has proposed a bill (HB1812) to prohibit public officials from earning profits from virtual assets (cryptocurrencies) while in office.

On the 21st (local time), Cointelegraph reported that Representative Waxman, together with eight other Democratic lawmakers, submitted the 'HB1812 bill', stating that it is "a measure to prevent the corruption led by President Donald Trump."

Waxman remarked, "President Donald Trump has directly profited from virtual asset projects such as his memecoin 'Official Trump (TRUMP)'," and claimed, "At the same time, he has eased federal regulations to help such ventures evade oversight."

He added, "No public official in Pennsylvania should accumulate wealth through fraudulent virtual asset businesses," emphasizing that, "the act of issuing, promoting, or trading coins in which there is a personal interest should be strictly prohibited."

Allegations that President Trump and his family have leveraged the presidential campaign and presidency for personal gain in the virtual asset sector have sparked a strong backlash from Democrats. Some Democratic lawmakers have proposed similar bills to ban all public officials, including the president, from issuing, sponsoring, or promoting virtual assets while in office.

If Waxman’s bill passes, public officials and their immediate family members will be banned from conducting virtual asset transactions over $1,000 during their tenure and for one year after leaving office. Additionally, existing holdings must be disposed of within 90 days of the law taking effect. Violations are subject to fines of up to $50,000, and for certain serious offenses, imprisonment of up to 5 years.