Update (Aug. 25 at 3:10 pm UTC): This article has been updated to clarify the potential penalties for violating HB1812 and include a statement from Rep. Waxman.

Ben Waxman, a Democrat representing District 182 in Pennsylvania’s House of Representatives, has introduced legislation “to prohibit elected officials from profiting off cryptocurrency while in office.”

Waxman introduced HB1812 on Wednesday with eight Democratic co-sponsors in response to what he called “corruption” perpetuated at the federal level by US President Donald Trump.

The Pennsylvania lawmaker accused Trump of financially benefiting from crypto projects like his memecoin, Official Trump (TRUMP), and pushing policies to “roll back federal oversight of crypto markets, shielding these schemes from scrutiny.”

“In Pennsylvania, no public official should be allowed to use their office to enrich themselves through cryptocurrency schemes,” said Waxman. “That’s why I’m introducing legislation to prohibit elected officials from profiting off cryptocurrency while in office. This includes launching, promoting, or trading in coins where they hold a personal financial interest.”

The claims that Trump and his family have used his presidential campaign and office to personally profit from crypto ventures have prompted pushback from many at the state and federal levels. Several Democrats in the US Congress have proposed legislation similar to Waxman’s in the federal government to ban public officials, including the president, from issuing, sponsoring, or endorsing digital assets while in office.

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Waxman’s bill, if passed, would amend Title 65 of the Pennsylvania Consolidated Statutes to require public officials and their immediate families to disclose financial transactions involving more than $1,000 in crypto while in office and for a year after finishing their terms. Exposure to digital assets would include direct holdings as well as those in derivatives, exchange-traded funds, and mutual funds.

It would also require them to divest any crypto holdings within 90 days of the bill becoming law. Potential civil penalties included fees up to $50,000.

“The goal here isn’t to ‘criminalize’ crypto, but to close an ethics loophole,” Waxman told Cointelegraph. “Public officials shouldn’t be able to hold or trade digital assets while in office, given the conflicts of interest.”

The Pennsylvania representative commented on the possibility of Republican support:

“I have introduced several crypto-related bills and none of them have gotten any bipartisan support. One ran in committee last session and it was a party-line vote. It did not advance beyond that vote. None of my other bills have gotten a committee vote.”

Pennsylvania rejects Bitcoin reserve plans

The proposed crypto ban followed Pennsylvania Representative Mike Cabell’s introduction of a bill empowering the treasurer to invest up to 10% of the state’s funds in Bitcoin (BTC). The BTC reserve plan, introduced in November, never left the state’s House finance committee.

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