PHILADELPHIA (KYW Newsradio) — A bill that would prevent Pennsylvania elected officials from profiting off a digital asset like cryptocurrency that they create or endorse is on its way to the state Senate after passing the House with bipartisan support.
The prime sponsor, Philadelphia-based Democrat Ben Waxman, said his bill closes a loophole in current law.
“Pennsylvania’s ethics laws were designed to prevent public officials from using their offices for personal financial gain. However, our current laws don’t address the unique conflicts of interest that can arise with new digital assets like cryptocurrency,” he said.
“This bill updates our ethics code to address those emerging risks and ensures that public officials cannot use the power and influence of our offices to enrich ourselves through the creation or promotion of certain digital assets.”
The legislation doesn’t prohibit lawmakers and their immediate family from owning crypto or other digital assets, Waxman noted. Instead, it’s narrowly tailored to prevent profit from their public position to influence, create or promote specific cryptocurrencies or NFTs.
The bill passed the Pennsylvania House with bipartisan support 131-71 and heads to the state Senate.
The legislation would prevent elected officials from directly profiting off cryptocurrency
The legislation would prevent elected officials from directly profiting off cryptocurrency
