The post Pennsylvania’s Bill to Ban Public Officials From Owning Crypto If Passed appeared first on Coinpedia Fintech News
The General Assembly of Pennsylvania has received House Bill 1812 focused on public officers investing in crypto assets. If passed, the House Bill 1812 will amend title 65 on public officers of the Pennsylvania Consolidated Statute in ethics standards and financial disclosure.
The House Bill 1812 mandates public officers in Pennsylvania to disclose any financial interest in digital assets exceeding $1000. The bill also increases the penalties to public officers who violate the restricted activities, with fines of up to $10,000 or a five year imprisonment.
Notably, the Pennsylvania House Bill 1812 highlighted that violations of the new digital assets provisions will attract civil penalties of up to $50k. The House Bill 1812 will take effect 60 days after passage by the majority vote.
Digital Assets Ownership Under Threat
The mainstream adoption of digital assets has helped more people vie for leadership positions. Moreover, digital assets are more popular and the users have been identified as a solid voting block, especially in the United States.
However, some lawmakers have pushed to disqualify political leaders based on the crypto holdings. Earlier in May, 2025, Representative Ritchie Torres officially introduced the Stop Presidential Profiteering from Digital Assets Act in the U.S. House of Representatives.
The bill was referred to the House Financial Services Committee, where it currently remains pending deliberation. If passed, the bill aims to prevent the ability of federal officials to profit from digital assets tied to their identity.
The ownership of digital assets, especially by public officers, is under a threat. However, the implementation of such a bill could be difficult largely due to the decentralization of web3 space.