New Bill Proposed to Ban Bitcoin Holdings for Pennsylvania Public Officials
A bill has been introduced in the Pennsylvania House of Representatives that seeks to prohibit public officials and their immediate families from holding Bitcoin and other cryptocurrencies. The legislative effort, known as HB1812, aims to amend the state’s ethics and financial disclosure laws to safeguard public officials from exposure to the volatile world of digital assets.
In addition to Bitcoin, public officials would be prohibited from owning alternative cryptocurrencies, non-fungible tokens, stablecoins, and even meme coins. This includes holding crypto through funds, trusts, or other financial instruments such as cryptocurrency derivatives and exchange-traded funds (ETFs).
Under the proposed bill, Pennsylvania officials would be required to divest their digital assets within two months of taking office. Furthermore, they would be forbidden from owning any cryptocurrency for a year after leaving their government positions.
Potential Consequences for Non-Compliance
Failure to adhere to these regulations could result in civil penalties of up to $50,000 for public officials. Moreover, violations under the Ethics Act could potentially lead to felony charges and imprisonment.
Likelihood of Passage
The bill has been referred to the Committee on State Government for further consideration. As it is still in the early stages of the legislative process, it remains uncertain whether the proposal will ultimately be enacted into law.
Cryptocurrency Holdings Among Members of Congress
While there are currently no restrictions on members of Congress holding Bitcoin, they are required to comply with existing disclosure laws. Several lawmakers from both the Republican and Democratic parties have publicly disclosed their cryptocurrency holdings, including individuals such as Michael Collins (R-GA), Barry Moore (R-AL), and Jeffrey Jackson (D-NC).