Bill barring public officials from creating, hawking their own crypto currencies passes PA House – Tri-State Alert

HARRISBURG- In what its authors are calling “enhancement” for anti-corruption laws, the Pennsylvania House approved a bill banning certain officials from promoting a type of investment opportunity exploding around the world.

PA State Rep Ben Waxman’s bill would prohibit a public official from creating or promoting cryptocurrency in which they have a financial interest during their term of service.

“Our anti-corruption laws must be strengthened to address the emergence of new financial assets, including cryptocurrencies, to prevent public officials from abusing their position of authority for personal financial benefit,” said Waxman.  “Public officials should never use the power or influence of their office for private gain, including to develop or promote a cryptocurrency.”

The bill builds on existing state laws that already prohibit public officials from engaging in certain financial activities. The bill now moves to the Senate for consideration.