Pennsylvania Bill Seeks to Restrict Officials’ Cryptocurrency Holdings

Pennsylvania Representative Ben Waxman has introduced HB1812, targeting public officials and their families’ cryptocurrency activities, aiming to prevent financial conflicts of interest during and after office tenure.

This legislation underscores political integrity concerns, with potential consequences for officials’ crypto holdings, though it hasn’t yet impacted cryptocurrency markets or provoked responses from political figures or associations.

HB1812 Targets Crypto Interests of Pennsylvania Officials

Ben Waxman has introduced HB1812 in response to alleged political profiteering in crypto by former President Trump. The bill, co-sponsored by seven fellow Democrats, prohibits public officials and immediate family members from holding, trading, or promoting digital assets in which they have a financial interest while in office and for one year post-term.

The bill mandates a 90-day divestiture period and threatens penalties of up to $50,000 and five years imprisonment. It targets a wide range of digital assets including Bitcoin, Ethereum, and NFTs. While it aims to prevent unethical profiteering, critics argue it could deter crypto-expert participation in public service.

Waxman has publicly affirmed his stance against public officials benefiting from cryptocurrency schemes, though no formal responses have come from Trump or involved parties. The crypto market remains largely unaffected, with little reaction from influencers or organizations.

Historical Context, Price Data, and Expert Analysis

Did you know? In proposing HB1812, Pennsylvania could set a precedent as no U.S. state has implemented a comparable ban on crypto holdings for public officials with post-term restrictions.

According to CoinMarketCap, Bitcoin (BTC) has seen a decrease of 1.47% over the last 24 hours, with a current price of $112,601.80 and a market cap of $2.24 trillion. The 24-hour trading volume was $58.26 billion, showing a 14.84% decrease, reflecting potential market skepticism despite no reported Pennsylvania bill impact.

The Coincu research suggests that the HB1812 bill could encourage federal and state governments to revisit crypto regulations, focusing on ethical standards. With no historical precedent for such state-level restrictions, it may prompt further legislative developments.