Pennsylvania lawmakers introduced new legislation on Aug. 20 that will require public officials to disclose digital asset holdings exceeding $1,000 and divest anything above that threshold within 90 days of the bill coming into effect.
The legislation also prohibits officials from conducting crypto transactions during their term and for one year after leaving office.
The bill, HB1812, amends Title 65 of the Pennsylvania Consolidated Statutes regarding ethics standards for public officials, and was referred to the State Government Committee the same day.
It introduces a definition of “digital assets” that encompasses various forms of digital currency and tokens, including crypto and NFTs.
The legislation also prohibits public officials’ immediate families from engaging in certain financial transactions during the politician’s term and for one year after leaving office.
Rep. Ben Waxman sponsors HB1812 with seven other co-sponsors, including Freeman, Giral, Pielli, Probst, Hill-Evans, Sanchez, Otten, and Briggs.
Disclosure and divestiture requirements
Public officials must disclose any financial interest in digital assets exceeding $1,000 in their statements of financial interests. Officials who already possess such interests must divest their holdings within 90 days after the bill takes effect.
The disclosure requirements apply to both direct holdings and investments through immediate family members. The $1,000 threshold aligns with existing financial disclosure standards for other investment categories.
HB1812 classifies violations related to digital assets as felonies with fines up to $10,000 or imprisonment for up to five years. Violations of other restricted activities provisions incur civil penalties of up to $50,000.
The legislation establishes a 60-day implementation period following passage. The bill addresses digital asset ethics in public service as crypto becomes more prevalent in investment portfolios.
Federal efforts
The Pennsylvania legislation aligns with the 2025 federal efforts to address officials’ crypto activities.
Congressman Ritchie Torres proposed the “Stop Presidential Profiteering from Digital Assets Act” in May 2025, seeking to prohibit federal officials from owning or trading crypto while in office.
Senator Adam Schiff introduced the COIN Act in June 2025, which would ban presidents, vice presidents, members of Congress, and their families from issuing, promoting, or financially benefiting from digital assets during their term and for two years after leaving office.
The federal MEME Act, introduced in February 2025, similarly aims to prevent government officials from profiting from memecoins and other cryptocurrencies.
These concurrent legislative efforts demonstrate growing bipartisan concern about potential conflicts of interest as digital assets become mainstream investment vehicles for both private citizens and public officials.
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