According to the bill, public officials and their close relatives are not allowed to conduct transactions involving cryptocurrencies worth more than $1,000 during their tenure and for a year after leaving office. If the bill is approved, officials will have to dispose of their cryptocurrency assets within 90 days from the date of the document's entry into force. Violators will face fines of up to $50,000 and, in some cases, imprisonment for up to five years.

Waxman has stated that his bill aims to combat corruption that has been rooted in the actions of U.S. President Donald Trump. Waxman has accused the president of profiting financially from cryptocurrency projects launched by him and his family, including the TRUMP and MELANIA memecoins. The legislator is convinced that Trump is promoting policies aimed at weakening federal oversight of the cryptocurrency market and shielding cryptocurrency schemes from regulatory scrutiny.

"In Pennsylvania, no public official should use their position to enrich themselves through cryptocurrencies. That's why I'm introducing a bill that would prohibit public officials from launching, promoting, or trading cryptocurrencies in which they have a personal financial interest," said Ben Woxman.

In July, the state of Connecticut passed a bill banning public investment in bitcoin and other cryptocurrencies. Earlier, a group of Democratic senators proposed that the US Congress amend the current Genius law on the regulation of stablecoins to prohibit Trump from profiting from his tokens.