Pennsylvania Introduces HB1812 to Ban Public Officials from Holding Crypto

TLDR

• PA Bill Bans Crypto Trades by Officials to Boost Ethics and Transparency
• HB1812 Forces PA Politicians to Ditch Digital Assets or Face Penalties
• Pennsylvania Cracks Down on Crypto Conflicts with Sweeping New Law
• No Bitcoin for Politicians: PA’s HB1812 Sets Strict Crypto Rules
• HB1812 Outlaws Public Official Crypto Deals During and After Term

Pennsylvania has introduced HB1812 to bar public officials and their families from holding or trading digital assets during their terms. The bill aims to prevent conflicts of interest as cryptocurrencies become increasingly popular across the United States. HB1812 outlines strict disclosure, divestiture, and transaction rules for all officials in the state.

HB1812 Targets Financial Transparency and Divestment Rules

The bill enforces disclosure of digital assets exceeding $1,000, including direct or indirect ownership through family or funds. It requires elected officials to divest such holdings within 90 days of the bill becoming law, ensuring compliance. Officials failing to meet this timeline will face steep penalties or felony charges, depending on the violation.

HB1812 bars all crypto transactions by public officials during their term and one year after leaving office. This includes trading, launching, or promoting coins in which they hold any financial interest. HB1812 seeks to close all loopholes by extending these restrictions to their immediate families as well.

The bill has triggered debate as digital assets like memecoins and NFTs gain traction in both markets and political campaigns. HB1812 addresses potential exploitation of office for financial gain amid concerns about ethical lapses. The bill represents Pennsylvania’s commitment to tighter ethics laws and financial transparency.

HB1812 Responds to Growing Federal Crypto Ethics Concerns

HB1812 reflects a broader national effort to address ethical concerns over crypto holdings among politicians and their families. Federal lawmakers have introduced bills like the COIN Act and MEME Act with similar language and enforcement provisions. These proposals aim to curb officials’ promotional or financial involvement in digital assets while in power.

Congressman Ritchie Torres and Senator Adam Schiff have both backed legislation that mirrors HB1812’s objectives at the federal level. Their bills focus on restricting crypto profiteering by sitting presidents and members of Congress, particularly in light of recent controversies. HB1812 aligns with these efforts and further intensifies calls for regulatory oversight.

The Pennsylvania bill cites examples of federal figures allegedly using public positions to boost personal crypto ventures. HB1812 serves as a proactive step to prevent similar behavior in state governance. Supporters argue it restores public trust and shields state policy from private crypto influence.

HB1812 Includes Bitcoin, NFTs and Crypto Derivatives in Ban

HB1812 prohibits public officials from holding Bitcoin, altcoins, stablecoins or any crypto-related financial instruments during and after their term. The ban includes ownership through ETFs, trusts, funds, and derivatives, ensuring full restriction of indirect asset exposure. Lawmakers would need to divest any such assets within two months of taking office.

HB1812 aims to stop officials from bypassing restrictions through less-regulated assets. The bill defines digital assets comprehensively to avoid technical exceptions and enforce accountability. Violators may face civil penalties up to $50,000 or felony charges with imprisonment of up to five years.

HB1812 sets a 60-day implementation period post-passage and updates Title 65 of Pennsylvania’s ethics statutes. The bill’s reach and penalties reflect the growing seriousness of digital asset ethics. Lawmakers supporting HB1812 argue that it safeguards democratic integrity from market speculation and political profiteering.

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