Pennsylvania Lawmakers Fight Crypto Corruption – Will They Win?

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In a bold move that’s sure to ruffle feathers in the political and crypto communities alike, Democratic lawmaker Ben Waxman from District 182 filed a bill on August 20 that would put a stop to the crypto activities of public officials in Pennsylvania. Waxman, with the help of eight Democratic co-sponsors, introduced House Bill 1812, a proposal that seeks to tighten the rules surrounding elected officials and their digital currencies.

This measure aims to prevent public officials from profiting off of cryptocurrencies while in office – and it’s no joke. The bill comes with hefty penalties for any violations.

Who Will This Bill Catch in Its Net?

If the bill passes, Title 65 of the Pennsylvania Consolidated Statutes will undergo significant changes. Public officials and their families will be banned from making crypto transactions exceeding $1,000 while in office, and for one year after their tenure ends.

In an interesting twist, officials who already hold crypto will have 90 days to divest. The penalties for non-compliance are severe: fines up to $50,000 and – wait for it – prison sentences of up to five years. 🤑 Who knew crypto could be so *dangerous*?

The bill is currently sitting in the Pennsylvania House, awaiting committee review before it can be voted on. Fingers crossed it doesn’t get lost in committee limbo. 🤞

JUST IN: Pennsylvania to ban public officials from owning Bitcoin or crypto if new bill passes.

Violations would result in fines or jail time.

– Bitcoin Archive (@BTC_Archive) August 21, 2025

The Bill: A Reaction to Bigger Crypto Moves

Waxman didn’t just pull this idea out of thin air. No, no. The bill was partly a reaction to the growing presence of cryptocurrencies at the federal level – and specifically to the ethical concerns surrounding President Trump’s ventures in the space. From his memecoins to his World Liberty Financial projects, Waxman’s not shy about calling out these high-profile crypto links.

Critics of these ventures claim that they blur the line between public service and private profit, with some going so far as to say that Trump’s crypto projects have cost investors big money. 😬 Unsurprisingly, this has added fuel to the fire for those demanding stricter regulations on the intersection of politics and digital currencies.

Is Washington Watching? Federal Proposals Are Coming

Looks like Waxman’s not the only one with crypto concerns. Democrats in Congress have floated similar proposals, including the Stop TRUMP in Crypto Act and the COIN Act, which aim to prevent politicians (presidents, vice presidents, and members of Congress) and their families from issuing or promoting tokens while in office.

In fact, Rep. Maxine Waters and others have warned that these political-linked tokens might be a playground for foreign actors looking to exploit or manipulate markets. Not exactly what you want in the hands of a world leader, right?

It seems clear: lawmakers are looking to introduce more safeguards around digital currencies to prevent political corruption. But will they succeed? That’s still up in the air.

What Do People Think?

Supporters of HB1812 argue that it’s a straightforward ethics measure. After all, no public servant should be able to profit from crypto schemes while holding office, right? Especially when the market’s volatility and lack of regulation make it a prime target for shady behavior.

On the flip side, critics will likely say the bill is overreaching. Some even argue that it could stifle private investment by public servants. Of course, the bill’s early stages haven’t revealed much about the Republican response – so we’ll just have to wait and see how it all unfolds.

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2025-08-23 05:47