Pennsylvania Democrats Introduce Bill to Ban Lawmakers from Profiting Off Crypto
A group of Democratic lawmakers in Pennsylvania is pushing a new bill that could shake up how elected officials interact with cryptocurrency. House Bill 1812, introduced by Rep. Ben Waxman and backed by eight co-sponsors, aims to prohibit public officials from making money through crypto while holding office.
🔍 What’s in HB1812?
If passed, the bill would amend Title 65 of the Pennsylvania Consolidated Statutes and impose strict rules:
- Lawmakers and their immediate families would be barred from crypto-related transactions over $1,000 while in office — and for one year after leaving.
- Officials would be required to sell off any existing crypto holdings within 90 days of the law taking effect.
- Violations could lead to fines up to $50,000 or even prison time of up to five years.
🎯 Is This About Trump?
Waxman says the bill is a response to what he calls “corruption at the federal level,” pointing directly at Donald Trump’s growing involvement in crypto. He accuses Trump of using his political influence to promote ventures like the Official Trump memecoin while pushing for looser federal oversight of the crypto industry.
“No public servant should be enriching themselves through crypto schemes,” Waxman stated, echoing broader Democratic concerns about ethics and conflicts of interest.
Critics argue that Trump and his family have used their political clout to boost crypto projects — from World Liberty Financial to various memecoins — potentially misleading investors. Allegations that the Official Trump token caused massive financial losses have only intensified calls for tighter regulation.
🧱 Why Crypto?
Waxman and his co-sponsors argue that crypto is uniquely vulnerable to abuse: it’s volatile, lightly regulated, and ripe for exploitation by public figures looking to cash in on hype. By targeting crypto specifically, HB1812 seeks to close a loophole that could allow politicians to profit while shaping policy in their favor.
🗳️ What’s Next?
The bill is currently awaiting review in the Pennsylvania House. If it clears committee, it will move to a full vote.
🔁 Echoes in Washington
HB1812 mirrors federal proposals like the Stop TRUMP in Crypto Act and the COIN Act, which aim to prevent presidents, vice presidents, and lawmakers from promoting or issuing tokens while in office. Democrats have repeatedly raised alarms over Trump’s crypto empire — including tokens tied to Melania Trump, mining operations, and stablecoin ventures — warning that foreign actors could exploit these connections.
