- The bill mandates divestment of crypto holdings over $1,000 by officials.
- Includes Bitcoin, Ethereum, and NFTs among affected assets.
- Imposes felony penalties for non-compliance, impacting public service qualifications.
Pennsylvania’s HB1812 proposes a ban on public officials’ cryptocurrency transactions and mandates disclosures. Spearheaded by Rep. Ben Waxman and seven co-sponsors, the bill targets various digital assets, demanding divestment of holdings over $1,000 within 60–90 days.
Pennsylvania Representative Ben Waxman spearheads the introduction of HB1812 to ban public officials from engaging in cryptocurrency transactions, with immediate effects on officials across the state legislature.
The measure could reshape state-level financial transparency, compelling officials to disclose crypto holdings while preventing conflicts of interest.
Introduced by Rep. Ben Waxman, HB1812 bars Pennsylvania officials from holding digital assets, compelling divestment exceeding $1,000. The proposal targets cryptocurrencies like Bitcoin and Ethereum, among others.
“The bill aligns with ongoing federal scrutiny of public officials’ involvement in digital assets.” — Ben Waxman, Representative, Pennsylvania House of Representatives source
The bill’s direct influence on financial markets remains muted, given the small demographic affected. However, its stringent penalties spotlight ethical governance.
Immediate industry reactions are minimal, with no notable shifts in market liquidity. Federal-level analogs are discussed, though not implemented.
Potential outcomes include enhanced regulatory frameworks. Historical comparisons parallel the federal STOCK Act; limited similar state statutes exist. Technological implications remain speculative amidst growing legislative discourse.
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