Pennsylvania Considers Controversial Bill: Ban on Crypto Holdings for Politicians

The Pennsylvania House of Representatives has drawn attention after the introduction of Bill No. 1812, which could dramatically change the rules for public officials. The proposal would ban politicians and their immediate families from owning or trading Bitcoin and other digital assets.

Total Ban on Crypto for Public Officials and Their Families The initiative, led by Representative Ben Waxman with support from seven other lawmakers, aims to prevent conflicts of interest and establish clear ethical boundaries. The law would cover not only Bitcoin but also altcoins, memecoins, NFTs, and stablecoins. Officials would also be prohibited from indirect exposure through funds, trusts, or ETFs. Anyone already holding digital assets would be required to divest within two months of taking office. The restrictions would even continue after leaving office – for at least one year. Violations could result in criminal charges, imprisonment, or fines up to $50,000.

The Bill Still in Committee Stage At this point, the bill remains in its early stages and has been referred to the State Government Committee. Whether it will pass is uncertain – but the debate highlights growing concerns over conflicts of interest as cryptocurrencies become more mainstream. On the federal level, similar initiatives are gaining traction. Congressman Ritchie Torres introduced the Stop Presidential Proteering from Digital Assets Act, which would prevent the president or members of Congress from profiting from memecoins or stablecoins. Likewise, Senator Adam Schiff proposed the COIN Act, which bans the president, vice president, and other federal officials from issuing or endorsing digital assets.

Trump’s Shadow Over Regulation Critics argue that these measures are partly fueled by alleged profiteering by Donald Trump’s family during his presidency. Schiff stated that “Donald Trump’s crypto dealings raise serious ethical, legal, and constitutional concerns.” If adopted, the legislation would not only reshape political ethics but also send a strong message: digital assets must not become a tool for personal enrichment among government officials.

#crypto , #BAN , #CryptoNews , #NFTs , #Stablecoins

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies! Notice: ,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“