Pennsylvania’s HB1812 would create a Pennsylvania Bitcoin ban for public officials by requiring disclosure and divestment of Bitcoin and other digital assets above $1,000 within 90 days, banning crypto transactions while in office and for one year after, with fines up to $50,000 and possible imprisonment.
HB1812 forces public officials to divest Bitcoin and crypto holdings above $1,000
Violations can incur civil fines up to $50,000 or felony charges with up to five years’ imprisonment.
Bill aligns with federal proposals and coincides with Bitcoin trading near $112,606 after rejection at $114,000.
Pennsylvania Bitcoin ban: HB1812 forces disclosure and divestment of crypto holdings over $1,000. Read the penalties, timeline, and market impact—stay informed.
What does HB1812 require of public officials regarding Bitcoin and crypto?
HB1812 requires Pennsylvania public officials and immediate family members to disclose digital asset holdings above $1,000 and divest those assets within 90 days of the law taking effect. The bill also bans crypto transactions while in office and for one year after leaving, enforced by state ethics authorities with civil and criminal penalties.
How does the bill define digital assets and what scope does it cover?
The bill defines digital assets broadly to include Bitcoin, altcoins, memecoins, stablecoins, NFTs, derivatives, and exchange-traded funds tied to crypto. The amendments are to Title 65 of the Pennsylvania Consolidated Statutes, expanding existing ethics standards to encompass on-chain and off-chain holdings and transactions.
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Violations expose officials to civil fines up to $50,000 or felony charges with imprisonment up to five years. The law provides a 60-day implementation period for administrative setup and gives oversight to state ethics authorities, which will handle disclosures, compliance checks, and enforcement actions.
Lawmakers say the measure aims to prevent conflicts of interest tied to volatile crypto markets and to align state-level ethics rules with recent federal proposals. Federal activity includes measures introduced in Congress to limit officials’ crypto holdings; HB1812 mirrors that intent at the state level while adding specific disclosure and divestment timelines.
HB1812 follows a pattern of legislative scrutiny over official holdings. The proposal seeks to strengthen public trust by reducing potential self-dealing. Market impact is likely limited directly, but regulatory actions can influence investor sentiment. Bitcoin trades near $112,606, down 1.49% on the day and up 83.58% year-over-year, per CoinMarketCap (plain text).
Officials must inventory digital assets and report holdings exceeding $1,000, then divest within 90 days. They must cease crypto transactions while in office and for one year after. Ethics authorities will issue guidance and administer any disclosure forms and compliance timelines.
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Source: https://en.coinotag.com/pennsylvania-bill-could-ban-public-officials-from-holding-bitcoin-require-divestment-over-1000/