Pennsylvania lawmakers recently introduced new legislation on August 20th aimed at increasing transparency and accountability among public officials when it comes to their digital asset holdings. The bill, known as HB1812, requires public officials to disclose any digital asset holdings exceeding $1,000 and divest anything above that threshold within 90 days of the bill taking effect. This new legislation also prohibits officials from conducting any crypto transactions during their term in office and for one year after leaving office.
The bill, which amends Title 65 of the Pennsylvania Consolidated Statutes regarding ethics standards for public officials, introduces a definition of “digital assets” that encompasses various forms of digital currency and tokens, including cryptocurrencies and NFTs. In addition to the disclosure and divestiture requirements, 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. The new legislation imposes strict penalties for violations related to digital assets, with fines up to $10,000 or imprisonment for up to five years for felony offenses. Civil penalties of up to $50,000 are also applicable for violations of other restricted activities provisions.
The bill establishes a 60-day implementation period following passage and addresses digital asset ethics in public service as cryptocurrencies become more prevalent in investment portfolios. This move by Pennsylvania lawmakers aligns with federal efforts to address officials’ crypto activities. Congressman Ritchie Torres proposed the “Stop Presidential Profiteering from Digital Assets Act” in May 2025, while Senator Adam Schiff introduced the COIN Act in June 2025, which aims to ban presidents, vice presidents, members of Congress, and their families from owning or trading digital assets during their term and for two years after leaving office.
The federal MEME Act, introduced in February 2025, also seeks to prevent government officials from profiting from memecoins and other cryptocurrencies. These legislative efforts reflect a growing bipartisan concern about potential conflicts of interest as digital assets become mainstream investment vehicles for both private citizens and public officials. As the crypto landscape continues to evolve, transparency and accountability measures like HB1812 are crucial in maintaining trust and integrity in public service.