Pennsylvania’s House Bill 1812 would ban public officials from holding cryptocurrencies, including Bitcoin and Ethereum, during their term and for one year after leaving office. The bill requires divestment of crypto assets over $1,000 within 90 days and aims to prevent conflicts of interest and improve transparency.
Proposed ban on crypto holdings for Pennsylvania officials
Divestment required for assets above $1,000 within 90 days; sponsored by Rep. Ben Waxman
Could influence state-level regulation and ethics rules nationwide
Meta description: Pennsylvania crypto ban for public officials — House Bill 1812 would force divestment of crypto holdings over $1,000 within 90 days; follow legislative progress.
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House Bill 1812 proposes that Pennsylvania public officials must divest cryptocurrency holdings exceeding $1,000 within 90 days and prohibits ownership of cryptocurrencies while in office and for one year after leaving public service. The measure is sponsored by Rep. Ben Waxman and is currently under committee review.
The bill sets a $1,000 threshold for mandatory divestment and a 90-day compliance window. Violations could carry penalties, including potential criminal sanctions specified in the bill text. Enforcement would rely on existing state ethics and disclosure mechanisms to identify noncompliance.
Representative Ben Waxman is the bill sponsor, backed by seven Democratic co-sponsors. The stated rationale is to strengthen transparency and avoid conflicts of interest as officials increasingly hold or transact in digital assets. Rep. Waxman said the measure is “about transparency and public trust.”
State-level ethics measures like HB 1812 can influence national debate by setting precedents for handling public officials’ crypto holdings. If adopted, similar proposals may appear in other state legislatures and could shape federal discussions on disclosure and conflict-of-interest rules for digital assets.
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Source: https://en.coinotag.com/pennsylvania-bill-could-ban-public-officials-from-holding-bitcoin-ethereum-and-other-cryptocurrencies/