Pennsylvania lawmakers are turning their attention to the fast-moving world of crypto but not to invest. A new bill, HB1812, wants to keep elected officials and even their families away from trading digital assets like Bitcoin, meme coins, and NFTs.
Leading the charge is Democrat Ben Waxman, who argues that politicians shouldn’t be in a position to profit from the very industry they might one day regulate.
Disclosure and Divestment Requirements
Under the HB1812 bill, public officials are required to sell any digital assets within 90 days of assuming office or within 90 days of the bill becoming law. The ban lasts a year after leaving office, so that personal crypto holdings do not affect the policy.
Officials who possess digital assets valued at more than $1,000 are also required to disclose the same in annual financial statements, which enhances transparency and accountability.
“HB1812 aims to prevent the misuse of public trust in a sector that remains volatile and largely unregulated,” a Pennsylvania representative said. Violations could trigger fines up to $50,000 or penalties under the Pennsylvania Ethics Act, including potential imprisonment for severe cases.
Pennsylvania Rejects Bitcoin Reserve Plans
The bill follows Pennsylvania’s rejection of Bitcoin reserve plans. Last November, Representative Mike Cabell introduced legislation allowing the state treasurer to invest up to 10% of Pennsylvania’s funds in Bitcoin. The proposal never advanced beyond the House finance committee.
HB1812 lands on the scene just as the national spotlight on crypto and politics is intensifying. U.S. President Donald Trump is under fire for his deep entanglements in the digital-asset world, from steering World Liberty Financial to launching his own meme-coin, $TRUMP.
Meanwhile, back in Pennsylvania, state lawmakers are ramping up oversight with fresh regulations that require digital-asset transmitters to secure state licenses, bringing the state more in line with crypto-strict jurisdictions like New York.
By pairing the protection of the officials with the regulation of crypto businesses through licensing, HB1812 demonstrates that the state of Pennsylvania is attempting to strike a balance between innovation and accountability and preserve the trust of the population in digital finance.
Also Read: Pennsylvania House Passes “Bitcoin Rights” Bill for Self-Custody
