Waxman Targets Crypto ‘Corruption’ in Politics
Pennsylvania state representative Ben Waxman is pushing new legislation that would bar public officials from personally benefiting from cryptocurrency schemes while holding office.
The bill, HB1812, was introduced Wednesday with the support of eight Democratic co-sponsors. Waxman said the legislation was inspired by “corruption at the federal level,” accusing U.S. President Donald Trump of financially benefiting from crypto ventures, including his controversial Trump memecoin (TRUMP).
“In Pennsylvania, no public official should be allowed to use their office to enrich themselves through cryptocurrency schemes,” Waxman said.
What the Bill Would Do
If passed, the legislation would amend Title 65 of the Pennsylvania Consolidated Statutes, making it illegal for public officials — and their immediate family members — to:
- Launch, promote, or trade cryptocurrency in which they hold a financial interest.
- Engage in crypto transactions over $1,000 while in office.
- Continue trading for one year after leaving office.
The bill would also require officials to divest from existing crypto holdings within 90 days of enactment.
Penalties could include:
- Fines up to $50,000
- Prison terms of up to five years for serious violations
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A Response to Trump’s Crypto Push
Waxman directly linked his proposal to Donald Trump, alleging that the president and his family have profited from crypto campaigns while pushing for looser federal oversight.
“Trump is using his political power to shield crypto schemes from scrutiny while enriching himself,” Waxman claimed.
At the federal level, several Democratic lawmakers have already floated bills to ban presidents and members of Congress from sponsoring or promoting digital assets.
Pennsylvania’s Mixed Stance on Crypto
The proposed ban also comes as Pennsylvania wrestles with broader crypto adoption. Just months earlier, Rep. Mike Cabell introduced a measure that would have allowed the state to invest up to 10% of treasury reserves in Bitcoin.
That plan, however, stalled in the House Finance Committee, underscoring the state’s divided approach to digital assets.
⚡ Bottom line
If Waxman’s bill passes, Pennsylvania would become one of the first U.S. states to explicitly prohibit public officials from personally profiting off cryptocurrency — setting the stage for a national debate on crypto and political ethics.
