Pennsylvania legislators have introduced a new bill that would force public officials to disclose and divest digital asset holdings above $1,000, marking one of the state’s strictest moves yet on crypto ethics in government.
The measure, HB1812, was filed on August 20 and referred to the State Government Committee. Sponsored by Rep. Ben Waxman and seven co-sponsors, the bill amends the state’s ethics code to include cryptocurrencies and NFTs under “digital assets.”
Disclosure and Divestment Rules
If enacted, the bill would require state officials to report any crypto holdings above $1,000 on their financial disclosure forms. Officials and their immediate families would then have 90 days to divest assets above that threshold.
The legislation also prohibits officials from conducting crypto transactions during their term and for one year after leaving office.
Violations carry stiff penalties: up to $10,000 in fines or five years in prison for felonies, and civil penalties of up to $50,000 for other breaches. The law would take effect 60 days after passage.
Part of a Wider Crackdown
Pennsylvania’s proposal comes amid a growing national push to limit political involvement in crypto markets.
Federal lawmakers have introduced multiple bills this year – including Rep. Ritchie Torres’s “Stop Presidential Profiteering from Digital Assets Act,” Senator Adam Schiff’s “COIN Act,” and the “MEME Act” – all aimed at curbing potential conflicts of interest among officials holding or promoting digital assets.
Together, these efforts underscore rising bipartisan concern as crypto becomes a mainstream investment class and a potential source of ethical dilemmas in public service.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/new-bill-would-ban-state-officials-from-holding-bitcoin-and-nfts/