Pennsylvania’s Bold Move: New Bill Bans Officials From All Crypto Transactions

Pennsylvania slams brakes on crypto—state officials now face blanket ban on digital asset transactions in government roles.

The Regulatory Iron Curtain

No more buying, selling, or holding cryptocurrencies while serving public office. The legislation cuts off access entirely—bypassing traditional financial oversight mechanisms that lawmakers claim can't keep pace with digital innovation.

Zero tolerance for decentralized temptation—because apparently trusting officials with taxpayer dollars doesn't extend to trusting them with Bitcoin.

Another classic case of regulators banning what they don't understand—while Wall Street gets to play with the same toys behind compliance-approved doors.

New requirements

Under the proposed law, officials must report any financial interest in digital assets, including bitcoin, on their statements of financial interests.

This applies to both direct holdings and investments held by immediate family members.

The $1,000 reporting threshold matches existing disclosure rules for other assets.

During term

HB1812 also prohibits public officials and their immediate families from conducting Bitcoin or other digital asset transactions during their term and for one year after leaving office.

Violations related to digital assets are classified as felonies, carrying fines up to $10,000 or up to five years of imprisonment.

Other breaches could incur civil penalties up to $50,000.

Definition of digital assets expanded

The bill expands the definition of “digital assets” to include bitcoin, other cryptocurrencies, and NFTs.

The legislation was referred to the State Government Committee and is sponsored by Rep. Ben Waxman alongside seven co-sponsors.

Federal parallels and bipartisan concern

Pennsylvania’s initiative aligns with federal efforts to regulate digital asset activities among officials.

Congressman Ritchie Torres and Senator Adam Schiff proposed nationwide bans on federal officials owning or trading bitcoin and other digital assets while in office.

The federal MEME Act also seeks to block officials from profiting from memecoins and related assets.

These legislative moves underscore growing bipartisan concern about conflicts of interest as bitcoin becomes a mainstream investment.