Pennsylvania House passes bill barring officials from profiting off own cryptocurrencies

The Pennsylvania House of Representatives passed legislation June 29 that would bar public officials from creating or promoting cryptocurrencies in which they hold a financial interest while in office, sending the bill sponsored by Rep. Ben Waxman to the state Senate.

The proposal comes amid increasing scrutiny of how elected officials interact with emerging financial technologies. Supporters argue that the Cryptocurrency Ethics Bill modernizes existing ethics laws by addressing potential conflicts of interest tied to cryptocurrency projects and digital asset promotion.

Cryptocurrency Ethics Bill targets conflicts of interest

The Cryptocurrency Ethics Bill would prohibit any Pennsylvania public official from creating, endorsing, or promoting a cryptocurrency in which they have a direct financial interest during their term in office.

The measure expands the scope of Pennsylvania’s existing anti-corruption framework, which already restricts certain financial activities by public officials. By explicitly including cryptocurrencies, lawmakers aim to ensure that public office cannot be used to advance private digital asset investments.

The legislation reflects growing recognition that digital assets have become an increasingly important part of the financial landscape, creating new ethical questions that existing statutes may not fully address.

According to the bill’s sponsor, stronger safeguards are necessary to maintain public trust as cryptocurrency adoption continues to grow.

“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. Public officials should never use the power or influence of their office for private gain, including to develop or promote a cryptocurrency.” — Rep. Ben Waxman, Pennsylvania House of Representatives

Why the Cryptocurrency Ethics Bill was introduced

Supporters say the Cryptocurrency Ethics Bill is intended to close potential ethical gaps created by the rapid growth of digital assets.

While Pennsylvania law already prohibits certain financial conduct by public officials, the legislation recognizes that cryptocurrencies present unique opportunities for personal financial gain that lawmakers believe deserve specific legal attention.

The proposal does not prohibit public officials from owning cryptocurrencies outright. Instead, it focuses on preventing officials from leveraging the authority or visibility of their public office to create or promote digital assets from which they stand to benefit financially.

Cryptocurrency Ethics Bill builds on existing ethics laws

Rather than creating an entirely new ethics framework, the Cryptocurrency Ethics Bill builds upon Pennsylvania’s existing anti-corruption statutes.

The legislation extends long-standing principles governing financial conduct by public officials to cover emerging forms of digital finance. Supporters contend that updating ethics rules alongside technological innovation is necessary to preserve transparency and accountability in government.e.

Senate to consider Cryptocurrency Ethics Bill next

Following its passage in the Pennsylvania House, the Cryptocurrency Ethics Bill now moves to the state Senate for consideration.

If approved by the Senate and signed into law, the legislation would formally prohibit Pennsylvania public officials from creating or promoting cryptocurrencies in which they have a financial interest during their time in office.

The proposal represents another example of lawmakers adapting ethics regulations to account for the rapid evolution of digital assets and their increasing role in the global financial system.

Primary Source: Pennsylvania House Democratic Caucus press release (June 29, 2026).