Pennsylvania is rolling out a new law restricting state employees from profiting on cryptocurrency amid growing concerns about conflicts of interest.
New Bill HB1821 on Cryptocurrency
Pennsylvania State Representative Ben Waxman, along with eight Democratic co-authors, has introduced Bill HB1821, aimed at prohibiting state employees and their immediate families from personally profiting from cryptocurrencies. This move reflects rising concerns regarding corruption and conflicts of interest in the rapidly growing digital asset industry.
Implications for State Employees
The new measure obligates public officials to divest crypto holdings within 90 days and prohibits financial transactions exceeding $1,000. Violators may face fines up to $50,000 or imprisonment for up to five years.
Political Context and Public Expectations
This bill references accusations against former President Donald Trump, who allegedly earned substantial sums from crypto projects while in office. The legislation is also a response to recent corruption cases in New York and Florida, where officials faced scrutiny for undisclosed crypto holdings.
Bill HB1821 is a significant step toward increasing transparency and addressing conflicts of interest among state employees in Pennsylvania. Its potential impact could serve as a model for other states and lay the groundwork for oversight and regulation of cryptocurrencies.
