Pennsylvania lawmaker proposes banning public officials from trading cryptocurrencies

ChainCatcher news, Pennsylvania Democratic Representative Ben Waxman has introduced a bill (HB1812) that aims to prohibit public officials and their immediate family members from profiting from cryptocurrency during their term, including the issuance, promotion, or trading of digital assets in which they have a financial interest.

The bill stipulates that relevant individuals are not allowed to conduct cryptocurrency transactions exceeding $1,000 during their term and for one year after leaving office, and they must liquidate their holdings within 90 days of the bill's enactment. Violations may result in up to 5 years of imprisonment or a fine of up to $50,000. Waxman introduced this bill in response to controversies surrounding Trump and his family allegedly profiting from public office.