Pennsylvania Representative Ben Waxman has introduced legislation prohibiting elected officials from profiting off cryptocurrency while in office. This measure is aimed at combating corruption amid allegations of financial gains by some officials.
Overview of the Bill
The legislation, titled HB1812, was introduced by Waxman with eight Democratic co-sponsors. It seeks to ban elected officials from profiting off cryptocurrency, including launching, promoting, or trading coins in which they have a personal financial interest. Penalties could include fines up to $50,000 and imprisonment for up to five years for violations.
Criticism and Support for the Initiative
Waxman cited 'corruption' associated with the actions of U.S. President Donald Trump, who allegedly benefited from cryptocurrency projects. These claims have garnered support for similar bills at the federal level aimed at banning public officials from engaging with digital assets while in office.
Background of the Legislation
This bill follows a previous proposal by Representative Mike Cabell, intending to allow the state treasurer to invest up to 10% of state funds in Bitcoin. However, that plan did not advance past the state’s House finance committee.
Waxman's bill reflects growing concerns over the interactions between public officials and cryptocurrency. The discussion surrounding this proposal could lead to broader changes in the regulation of digital assets at the state and national levels.
