New Bill Would Ban State Officials From Holding Bitcoin and NFTs

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.

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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.

The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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