Pennsylvania Wants to Ban Officials from Trading Cryptocurrency
Date: 2025-08-22 Author: Oliver Abernathy Categories: IN WORLD
A bill is being considered in the state of Pennsylvania that would prohibit officials and their immediate family members from trading cryptocurrency while in public service. The author of the bill, HB1812, is Democrat Ben Waxman, who represents the 182nd district in the House of Representatives. According to him, the document is aimed at preventing corrupt practices and abuse of power.
Reasons for the initiative
Waxman claims that US President Donald Trump used cryptocurrency projects for his personal interests. In particular, he mentioned the Official Trump memecoin and noted that the White House is pursuing a policy that facilitates the regulation of digital assets and reduces the level of oversight by regulatory authorities.
“No public official in Pennsylvania should be able to use their position to enrich themselves through cryptocurrency schemes,” Waxman emphasized. This is how he explained the need to introduce a strict ban on participation in such initiatives.
Similar proposals at the federal level
The accusations against Trump and his entourage, who allegedly used the election campaign and presidential powers to promote their own cryptocurrency projects, have caused a reaction not only in Pennsylvania. The US Congress is also considering similar proposals from Democrats, which would prohibit the president and other federal officials from issuing or promoting digital assets while in office.
What does HB1812 provide for
If the initiative is adopted, Section 65 of the Pennsylvania Code of Laws will be amended. They will limit the participation of officials and their families in any cryptocurrency transactions in excess of $1,000 during their term of office and for a year after leaving office. Moreover, all current government employees will have to get rid of their digital assets within 90 days after the law comes into force.
Serious penalties are provided for violating the rules. Fines can reach $50,000, and in some cases, officials face up to five years in prison.
Waxman's bill could thus be one of the first examples of tough restrictions on cryptocurrencies for government officials, reflecting a broader trend toward greater oversight of digital assets in the United States.
