The Democratic policy proposal was introduced in the state House of Representatives last week.
House Bill 1812 has been introduced in the Pennsylvania legislature by Democratic Representative Ben Waxman.
The bill aims to ban crypto trading for state officials in the Commonwealth. Representatives Freeman, Giral, Pielli, Probst, Hill-Evans, Sanchez, Otten, Briggs, and Green, all Democrats, have cosponsored the bill.
While stock trading is regulated with disclosure rules for public officials, digital currency lacks the same regulation in a changing financial landscape. Representative Waxman’s bill would require lawmakers to stay out of the digital market altogether while serving in office.
At the federal level, Congress has examined digital assets and consumer protection through pieces of legislation including the CLARITY Act, GENIUS Act, and CBDC Anti-Surveillance Act.
Cryptocurrency has been an increasingly popular digital asset in the United States. Multiple states have been drafting legislation that would regulate crypto.
The currency exists entirely virtually. Digital assets are decentralized, and transactions occur in an encrypted fashion that can be made on a peer-to-peer basis.
Pennsylvania House Bill 1812 would forbid “elected officials from profiting off cryptocurrency while in office.”
The bill was sparked by President Trump’s engagement with crypto-related activities, according to Representative Waxman. While the Pennsylvania bill does not attack cryptocurrency in general, it aims to regulate its use by elected officials in the Commonwealth.
