A Democratic lawmaker in Pennsylvania is pushing a new bill that would block elected officials from making money off cryptocurrency while in office a move that’s already sparking debate.
Representative Ben Waxman, who serves District 182, introduced House Bill 1812 on August 20 with support from eight other Democratic co-sponsors. The proposal would require officials to sell off any crypto holdings they currently own and bar them from profiting through crypto-related transactions while holding public office.
A Response to Trump’s Crypto Ties
Waxman has made it clear that the bill is a response to what he sees as corruption at the federal level—specifically pointing at President Donald Trump’s growing involvement in the crypto industry.
According to Waxman, Trump is using the presidency to advance personal financial ventures, including projects like the Official Trump memecoin, while also shaping federal policy to ease oversight of crypto markets.
“No public servant should enrich themselves through cryptocurrency schemes while in office,” Waxman argued, echoing broader Democratic criticism of Trump’s crypto-linked business dealings. Democrats contend that Trump’s ventures blur ethical lines and create potential conflicts of interest.
Trump and his family have been tied to multiple crypto projects, including World Liberty Financial and several memecoins. Critics claim these ventures use Trump’s political influence to draw in investors. Allegations that the Official Trump token cost investors billions have further fueled calls for tighter regulations.
What HB1812 Proposes
If passed, HB1812 would revise Title 65 of the Pennsylvania Consolidated Statutes and establish strict rules around crypto for elected officials:
- Officials and their families would be barred from crypto-related transactions over $1,000 while in office and for one year after leaving office.
- They would have 90 days to sell off any current crypto holdings once the law takes effect.
- Violations could result in fines of up to $50,000 or even prison sentences of up to five years in severe cases.
The bill now heads to committee review in the Pennsylvania House before it can move to a full vote.
Aligning With Federal Democratic Push
Waxman’s bill mirrors proposals circulating in Washington, like the Stop TRUMP in Crypto Act and the COIN Act, which aim to ban the president, vice president, lawmakers, and their families from launching or promoting tokens while in office.
For months, Democrats have argued that Trump’s crypto ventures from memecoins tied to his name to American Bitcoin mining operations and stablecoin projects represent a dangerous mix of politics and profit. Figures such as Rep. Maxine Waters have gone as far as labeling these activities a “pay-to-play scheme,” warning that foreign actors could exploit Trump-linked tokens.
The Bigger Picture
At its core, HB1812 is less about crypto itself and more about ensuring public officials aren’t swayed by personal financial interests while making policy decisions. By singling out cryptocurrency, Waxman highlights the sector’s volatility, light regulation, and potential for abuse when political power is involved.
If adopted, Pennsylvania could set a precedent for other states considering similar restrictions, further shaping the conversation around how crypto and politics intersect in the U.S.
