Pennsylvania lawmakers have introduced HB1812, a bill mandating that public officials disclose digital asset holdings above $1,000 and divest any amounts exceeding this threshold within 90 days of the bill taking effect.
New requirements
Under the proposed law, officials must report any financial interest in digital assets, including bitcoin, on their statements of financial interests.
This applies to both direct holdings and investments held by immediate family members.
The $1,000 reporting threshold matches existing disclosure rules for other assets.
During term
HB1812 also prohibits public officials and their immediate families from conducting bitcoin or other digital asset transactions during their term and for one year after leaving office.
Violations related to digital assets are classified as felonies, carrying fines up to $10,000 or up to five years of imprisonment.
Other breaches could incur civil penalties up to $50,000.
Definition of digital assets expanded
The bill expands the definition of “digital assets” to include bitcoin, other cryptocurrencies, and NFTs.
The legislation was referred to the State Government Committee and is sponsored by Rep. Ben Waxman alongside seven co-sponsors.
Federal parallels and bipartisan concern
Pennsylvania’s initiative aligns with federal efforts to regulate digital asset activities among officials.
Congressman Ritchie Torres and Senator Adam Schiff proposed nationwide bans on federal officials owning or trading bitcoin and other digital assets while in office.
The federal MEME Act also seeks to block officials from profiting from memecoins and related assets.
These legislative moves underscore growing bipartisan concern about conflicts of interest as bitcoin becomes a mainstream investment.
