Pennsylvania Democrat Ben Waxman introduces HB1812 to prevent elected officials from profiting off cryptocurrency while in office, citing corruption at the federal level by President Trump. Waxman’s bill would prohibit officials from engaging in crypto schemes, with penalties of up to $50,000 or five years in prison for violations.

In response to Waxman’s bill, Pennsylvania rejects Bitcoin reserve plans proposed by Representative Mike Cabell. The BTC reserve plan, introduced in November, aimed to allow the state treasurer to invest up to 10% of the state’s funds in Bitcoin but never progressed beyond the House finance committee.

Read more at Cointelegraph: Pennsylvania Lawmaker Proposes Ban on Public Officials Trading Crypto