Pennsylvania’s HB1812 aims to ban politicians from earning from crypto trading while in office to prevent corruption and ensure ethical governance.
A new bill in Pennsylvania aims to stop politicians from making money through cryptocurrency. On Wednesday, State Representative Ben Waxman, a Democrat from District 182, introduced House Bill 1812 (HB1812). The bill would prohibit elected officials to be able to profiting to the extent of crypto usage while in office. There are already eight other Democratic co-sponsors of the legislation.
Bill Seeks to Ban Officials, Families from Crypto Trading
First of all, Waxman says the bill is intended to combat corruption. He thinks there is corruption in some of the public officials who use their power to get personal financial rewards. He gives an example of former U.S. President Donald Trump. Waxman argued that crypto projects have made Trump money, with his memecoin, called Official Trump, an example. According to Waxman, this sort of activity is a definite conflict of interest.
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In addition, Waxman also accused Trump of undermining federal control of the crypto industry. He thinks that the policies that are undertaken by Trump have aided shady crypto projects in escaping regulation. This, Waxman says, creates a risky climate in which they can line their pockets and have an easy time without scrutiny. He is saying that this is detrimental to the confidence of the people as a whole and must be halted.
HB1812 also has potent provisions to avoid these problems. The bill would also prohibit the involvement of state officials, including lawmakers and their families, in crypto trading, sponsoring or launching of crypto projects, which creates a financial interest for these officials. This would be a ban that would be a factor during their office term and another miss of one year missed after finishing. Any purchase above a thousand dollars would be limited. Delinquents would be fined or even sent to prison.
Lawmakers Debate Limits on Crypto Profit in Government Roles
Furthermore, the bill has sparked debate among politicians and the public. According to its supporters, it is needed to preserve the integrity of public office. According to them, digital property such as memecoins and NFTs are easily utilized to benefit in devious ways, off the map. These backers view HB1812 as a mile in the right direction toward a more ethical government
Conversely, on the one hand, critics fear that the bill extends too far. They say it can restrict the financial independence of public officials. Others are afraid that it can deter lawmakers from embracing innovation in the blockchain and crypto industries. Waxman however, states that trust should be public first. According to him, the bill is aimed at making a profit and not at supporting the industry.
In the meantime, this suggestion is not special to Pennsylvania. At the federal level, bills similar to these are introduced by lawmakers like Congressman Ritchie Torres and Senator Adam Schiff. Their law would also aim to prevent people in office from exploiting crypto. These efforts, Waxman said, indicate that the issue of parental alienation has gained national exposure. He is hopeful that Pennsylvania can take a lead on HB1812.
In summary, HB1812, proposed by Representative Ben Waxman, is a daring attempt to end crypto-related corruption in politics. Proposed in 2025, the purpose of the bill is to prohibit elected officials from earning profits using digital assets in the course of service. The bill can become the standard of ethical conduct, especially with the early endorsement and increased public interest. As these talks ensue, the question is being raised as to whether Pennsylvania will be the first state to enact such a law.
