Bill > HB1812

This bill updates Pennsylvania's ethics standards and financial disclosure laws to address digital assets, specifically targeting public officials' financial interests in cryptocurrencies and related digital tokens. The bill first expands the definition of "digital asset" to include cryptocurrency, meme coins, non-fungible tokens (NFTs), and stablecoins. It then establishes new restrictions on public officials' involvement with digital assets, requiring them to divest any such financial interests within 90 days of taking office or the bill's effective date. The legislation defines "prohibited financial transactions" broadly, covering activities like issuing, sponsoring, purchasing, selling, or holding digital assets, including indirect ownership through investment funds or derivatives. Public officials must now report any digital asset financial interests exceeding $1,000 in their annual financial disclosure statements. Penalties for violating these new digital asset restrictions include a civil penalty of up to $50,000, in addition to existing criminal penalties for ethics violations. The bill aims to prevent potential conflicts of interest and increase transparency by regulating public officials' engagement with emerging digital financial technologies.

Government Affairs

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2025&sind=0&body=H&type=B&bn=1812