Pennsylvania has introduced a bill restricting the ability of public officials and their families to hold cryptocurrencies, including Bitcoin and alternative coins. This move aims to change the ethics and financial norms in the state.
General Provisions of the Bill
The HB1812 bill aims to alter Pennsylvania's financial disclosure and ethics laws. Public officials would be prohibited from holding not only Bitcoin but also alternative cryptocurrencies, tokens, and stablecoins. They will not be able to hold crypto through funds or trusts, nor through derivatives or exchange-traded funds (ETFs). They will have to divest their digital asset holdings within two months of taking office.
Consequences for Violations
In case of non-compliance with the bill's requirements, public officials may face civil penalties of up to $50,000. Moreover, violations could be classified as felonies with potential imprisonment.
Current Status and Future of the Bill
The bill is currently under review by the Committee on State Government. At this point, it is uncertain whether it will go through the legislative process. Unlike Pennsylvania, members of Congress are not restricted from holding Bitcoin but must comply with existing disclosure laws.
The bill prohibiting cryptocurrency for public officials in Pennsylvania raises new questions about the regulation of digital assets and ethical standards in public office. Future discussions and votes will determine its fate.
