- Pennsylvania bill HB1812 would ban public officials and their families from holding any form of cryptocurrency or related assets.
- The proposal mandates full divestment within two months of office and bars holdings for one year post-employment.
- Violations could lead to civil fines up to $50,000 and possible felony charges under the state’s Ethics Act.
A new bill has been introduced in the Pennsylvania House of Representatives to prohibit state public officials and their immediate families from holding Bitcoin or any form of digital asset. Known as House Bill 1812, the proposal aims to amend Pennsylvania’s ethics and financial disclosure regulations by banning cryptocurrency-related financial exposure for individuals holding government office.
The legislative text does not limit the ban to direct ownership. It would also prohibit indirect holdings such as through trusts, funds, exchange-traded funds (ETFs), and derivatives. Besides Bitcoin, the restriction would cover altcoins, stablecoins, non-fungible tokens (NFTs), and memecoins, making it one of the broadest digital asset bans for public officials in the United States.
Divestment Required Upon Entering Office
Should the bill become law, public officials would be mandated to fully divest their digital asset holdings within two months of assuming office. Additionally, they would remain barred from holding any crypto-related assets for one year after leaving government service. The bill applies to both elected officials and high-level appointees across the state.
Failure to comply with the proposed rules could result in severe consequences. The legislation outlines civil penalties up to $50,000 for violations. More seriously, under Pennsylvania’s existing Ethics Act, noncompliance could escalate to felony charges, potentially leading to imprisonment.
Bill Awaits Committee Action
The bill has been referred to the Committee on State Government for review. At this stage, it remains in the early stages of the legislative process, and its future remains uncertain. No timeline has been provided for further movement on the measure.
Currently, members of the U.S. Congress face no such restrictions on crypto holdings. They are only required to disclose their assets under financial transparency rules. Several federal lawmakers from both major political parties, including Michael Collins of Georgia, Barry Moore of Alabama, and Jeffrey Jackson of North Carolina, have publicly disclosed cryptocurrency investments in the past.
