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Highlights
- Pennsylvania’s HB1812 aims to restrict public officials from owning or trading digital assets like crypto and NFTs.
- Violations of the HB1812 bill could result in penalties up to $50,000.
- Public officials in Pennsylvania must disclose any digital asset holdings over $1,000.
Pennsylvania has introduced a new crypto bill aiming to enforce stricter ethical and financial disclosure standards for public officials. The proposed legislation, House Bill 1812 (HB1812), seeks to restrict public officials and their immediate families from owning or transacting in digital assets.
Pennsylvania New Crypto Bill HB1812 Details
According to the filing, Pennsylvania House Bill 1812 (HB1812) is an act to ban the possession or trade of digital assets by both public officials and their families during their term in office and for one year after leaving office. The bill classifies digital assets as anything that can be transferred or traded in digital form, such as cryptocurrencies, meme coins, and NFTs.
The bill further requires that, within 90 days of coming into office or within 90 days of the enactment of the bill, government officials holding any digital assets must divest their assets. This will guarantee that no government official has vested interests that can interfere with their decision-making process during their tenure.
“The aim of this bill is to prevent the potential misuse of public trust through investments in a sector that is still volatile and largely unregulated,” a representative commented during the bill’s presentation.
This Pennsylvania bill comes at a time when U.S. President Donald Trump continues to face criticism over his ties to the crypto industry. House Democrat Maxine Waters had even gone as far as proposing the Stop Trump in Crypto Act to prohibit the president, vice president, and members of Congress from issuing, owning, or promoting cryptocurrencies during their time in office.
Since taking office, Trump and his family have been actively involved in the crypto space, owning stakes in firms such as World Liberty Financial. At the same time, Eric Trump is the co-founder of Bitcoin mining firm American Bitcoin.
Meanwhile, Trump’s Truth Social has also filed for several crypto-related ETFs, including a dual Bitcoin and Ethereum ETF. Accountable.US had sent a letter to the SEC, opposing a potential approval of this fund due to the president’s stake in the company.
Disclosures and Penalties for Non-Compliance
Under the Pennsylvania HB1812 bill, public officials must disclose digital assets with a value over $1,000 in the financial disclosure statements that they file annually. The bill focuses on transparency and accountability, allowing the public to track the interests held by all elected officials easily.
Non-compliance with the bill’s requirements could lead to substantial civil penalties. Violators could face a fine of up to $50,000 for failing to divest or disclose their digital asset holdings as required by the bill. Further violations of the Pennsylvania Ethics Act, which deals with broader ethics violations, may result in fines or even imprisonment.
Concurrently, earlier this week, in addition to HB1812, Pennsylvania also enacted regulations that require digital asset transmitters in the state to obtain a license. By introducing this bill, Pennsylvania joins other states like New York, which already require digital asset transmission licenses.
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