A new bill in Pennsylvania is stirring up the political and financial conversation. Democratic Representative Ben Waxman of District 182, backed by eight co-sponsors, introduced House Bill 1812 (HB1812) on Aug. 20. The proposal seeks to stop elected officials from profiting off cryptocurrency while holding public office.
Is This About Trump?
The timing and tone of the bill have raised eyebrows, particularly because Waxman directly linked it to concerns about President Donald Trump’s crypto activities. According to Waxman, HB1812 was drafted as a reaction to federal-level corruption, pointing at Trump’s increasing involvement in the digital currency world.
Waxman argued that Trump is using
“the White House to advance his financial agenda through projects like the Official Trump memecoin, while also working to roll back federal oversight of crypto markets.”
For Waxman and his supporters, the message is simple: no public servant should enrich themselves through cryptocurrency schemes while in office.
Why Democrats Are Concerned
Democrats claim that Trump’s crypto ventures blur ethical boundaries, making it harder to separate personal interests from public duty. Trump and his family have tied themselves to multiple high-profile projects from World Liberty Financial to a string of memecoins.
Critics say these ventures are not only opportunistic but also exploit Trump’s influence as president to attract investors. Allegations that the Official Trump token wiped out billions in investor money have only fueled calls for stricter safeguards.
Waxman and his co-sponsors insist HB1812 is about protecting the integrity of public office. They argue that officials must be held to a higher standard, particularly in finance, where personal profit could shape policymaking. By focusing on cryptocurrency, the bill highlights how the industry’s volatility, weak regulation, and market hype create a tempting and potentially dangerous playground for political figures.
What HB1812 Would Do
If passed, the bill would amend Title 65 of the Pennsylvania Consolidated Statutes with tough new rules:
- Lawmakers and their families would be prohibited from crypto transactions above $1,000 while in office and for one year after leaving.
- Any existing crypto holdings would need to be sold within 90 days of the law taking effect.
- Violations could result in fines up to $50,000 or prison terms of up to five years.
Right now, the measure is waiting for committee review before it can advance to a full vote in the Pennsylvania House.
The Bigger Fight
Waxman’s proposal mirrors broader Democratic efforts in Washington. Federal lawmakers have floated similar bills such as the Stop TRUMP in Crypto Act and the COIN Act. Both of which aim to block presidents, vice presidents and lawmakers from issuing or promoting tokens while in office.
For months, Democrats have attacked Trump’s crypto empire which includes the MELANIA token Official Trump token, American Bitcoin mining projects, and stablecoin ventures through World Liberty Financial. Rep. Maxine Waters has gone as far as to call these activities a “pay-to-play scheme,” warning they could open doors for foreign interference.
