Bill mirrors federal efforts while Bitcoin price trends lower after $114K rejection
Pennsylvania lawmakers have presented House Bill 1812 to restrict public officials and their immediate families from holding Bitcoin or other crypto assets. The proposal requires disclosure of digital asset holdings above $1,000 and divestment within 90 days of the bill taking effect.
The legislation also imposes a ban on crypto transactions during an official’s time in office and for one year after leaving. This aims to eliminate potential conflicts of interest tied to volatile and speculative markets.
The bill amends Title 65 of the Pennsylvania Consolidated Statutes covering ethics standards for public officials. Digital assets are broadly defined to include Bitcoin, altcoins, memecoins, stablecoins, NFTs, derivatives, and exchange-traded funds.
Violations could carry civil fines of up to $50,000 or felony charges with imprisonment of up to five years. The law provides a 60-day implementation period, and oversight would be handled by state ethics authorities.
The state-level bill aligns with recent federal initiatives designed to prevent political leaders from financial entanglement in crypto markets. Congressman Ritchie Torres introduced the “Stop Presidential Profiteering from Digital Assets Act,” while Senator Adam Schiff proposed the COIN Act to restrict federal officials.
At the same time, Bitcoin trades at $112,606, down 1.49% on the day but still 83.58% higher year-over-year, per CoinMarketCap. Analyst Marcus confirmed that Bitcoin’s rejection at the $114,000 level triggered bearish momentum, with downside targets now focused on the $104,000 range.