An Act amending Title 65 (Public Officers) of the Pennsylvania Consolidated Statutes, in ethics standards and financial disclosure, further providing for definitions and for restricted activities.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill amends Pennsylvania’s ethics laws to address financial interests related to digital assets, such as cryptocurrency. It defines ‘digital asset’ broadly to include various forms like cryptocurrency and NFTs. Specifically, it prohibits public officials and their immediate family from issuing, promoting, or benefiting from digital assets in which they have a financial stake. The bill requires divestment within 90 days of acquiring such an interest and mandates disclosure of digital asset holdings exceeding $1,000 on financial interest statements. Violations of these restrictions can result in fines or imprisonment.
Key provisions
- Defines ‘digital asset’ to include cryptocurrency, meme coins, and NFTs.
- Prohibits public officials and their immediate family from promoting or benefiting from digital assets they own.
- Requires divestment from digital assets within 90 days of acquiring a financial interest.
- Mandates disclosure of digital asset holdings exceeding $1,000 on financial interest statements.
- Clarifies that holding assets within a qualified blind trust may not trigger divestment requirements.
- Specifies ‘member of the public official’s immediate family’ as a spouse, minor child, or unemancipated child.
- Establishes penalties for violations of restricted activities, including fines and potential imprisonment.
- Requires reporting of financial interests in digital assets.
Who is affected
- Public officials in Pennsylvania
Bill text
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Document of record
- Version
- Pn 3579 Html
- Published
- Not published in the source record
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Sponsors
Official sponsors from legislative records.
9 on record
Primary sponsor
Cosponsors
Benjamin Sanchez
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