While Bitcoin and cryptocurrencies are becoming more and more accepted in the United States, an unexpected move came from Pennsylvania Democratic Representative Ben Waxman.
While the US national Bitcoin reserve is being discussed, Ben Waxman has introduced Bill 1812, which aims to ban public officials from profiting from cryptocurrencies while in office.
Citing corruption concerns linked to US President Donald Trump’s crypto activities, Ben Waxman has introduced a bill that would prohibit officials from profiting from cryptocurrencies while in office.
The Pennsylvania lawmaker accused Trump of financially benefiting from crypto projects like memecoin and stated that the law was a measure to prevent corruption spearheaded by Trump.
“President Donald Trump has directly profited from virtual asset projects like his own ‘Official Trump (TRUMP)’ memecoin.
At the same time, it has loosened federal regulations to help such ventures evade oversight.
But in Pennsylvania, no public official should be allowed to enrich themselves through cryptocurrencies.
“Also, issuing, promoting or trading coins for personal gain should be strictly prohibited.”
If Waxman’s bill passes, public officials and their immediate family members would be prohibited from possessing, trading, or promoting cryptocurrencies worth more than $1,000 during their term and for one year after leaving office.
The bill also mandates the disposal of existing assets within 90 days of the law’s enactment. Violations are subject to fines of up to $50,000 and, for some serious offenses, up to five years in prison.
*This is not investment advice.
