HB 1812 — An Act amending Title 65 (Public Officers) of the Pennsylvania Consolidated Statutes, in ethics standards and financial disclosure, further providing for definitions, for restricted activities, for statement of financial interests and for penalties.

PRINTER'S NO.   2229

                     THE GENERAL ASSEMBLY OF PENNSYLVANIA



                         HOUSE BILL
                         No. 1812
                                                  Session of
                                                    2025

     INTRODUCED BY WAXMAN, FREEMAN, GIRAL, PIELLI, PROBST, HILL-
        EVANS, SANCHEZ, OTTEN AND BRIGGS, AUGUST 20, 2025

     REFERRED TO COMMITTEE ON STATE GOVERNMENT, AUGUST 20, 2025


                                       AN ACT
 1   Amending Title 65 (Public Officers) of the Pennsylvania
 2      Consolidated Statutes, in ethics standards and financial
 3      disclosure, further providing for definitions, for restricted
 4      activities, for statement of financial interests and for
 5      penalties.
 6      The General Assembly of the Commonwealth of Pennsylvania
 7   hereby enacts as follows:
 8      Section 1.    Section 1102 of Title 65 of the Pennsylvania
 9   Consolidated Statutes is amended by adding a definition to read:
10   § 1102.    Definitions.
11      The following words and phrases when used in this chapter
12   shall have, unless the context clearly indicates otherwise, the
13   meanings given to them in this section:
14      * * *
15      "Digital asset."       A digital representation of value that is
16   recorded on a cryptographically secured distributed ledger or
17   similar technology. The term includes cryptocurrency, meme coin,
18   non-fungible token and stablecoin.
19      * * *
 1      Section 2.         Section 1103 of Title 65 is amended by adding a
 2   subsection to read:
 3   § 1103.    Restricted activities.
 4      * * *
 5      (k)    Financial interest in digital asset.--
 6             (1)   A public official or a member of the public
 7      official's immediate family may not engage directly or
 8      indirectly in a prohibited financial transaction during:
 9                   (i)    the term of service of the public official; or
10                   (ii)    the one-year period beginning on the date on
11             which the service of the public official is terminated.
12             (2)   (i)     If, at the time of the effective date of this
13             paragraph, a public official or a member of the public
14             official's immediate family has a financial interest in a
15             digital asset, the public official or the public
16             official's immediate family shall have 90 days to divest
17             the financial interest.
18                   (ii)    If, at the beginning of the term of service for
19             a public official, the public official or a member of the
20             public official's immediate family has a financial
21             interest in a digital asset, the public official or the
22             public official's immediate family shall have 90 days to
23             divest the financial interest.
24             (3)   The following words and phrases when used in this
25      subsection shall have the meanings given to them in this
26      paragraph unless the context clearly indicates otherwise:
27             "Directly."      By virtue of the ownership or beneficial
28      interest of a public official or a member of the public
29      official's immediate family in a financial interest described
30      in the definition of "prohibited financial transaction."

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 1             "Indirectly."    By virtue of the financial interest of a
 2      public official or a member of the public official's
 3      immediate family in a business entity, partnership interest,
 4      company, investment fund, trust or other third party in which
 5      a public official or a member of the public official's
 6      immediate family has an ownership or beneficial interest.
 7             "Prohibited financial transaction."    Includes any of the
 8      following:
 9                 (i)    The issuance, sponsorship or endorsement of a
10             digital asset.
11                 (ii)    The purchase, sale, holding or other conduct
12             that causes a public official or a member of the public
13             official's immediate family to obtain a digital asset.
14                 (iii)    The acquisition of a financial interest
15             comparable to an interest described in subparagraph (i)
16             or (ii) that is acquired through synthetic means, such as
17             the use of a derivative, including an option, a warrant
18             or other similar means.
19                 (iv)    The acquisition of a financial interest
20             comparable to an interest described in subparagraph (i)
21             or (ii) that is acquired as part of an aggregation or
22             compilation of the interests through a mutual fund,
23             exchange-traded fund or other similar means.
24      Section 3.       Section 1105(c) of Title 65 is amended and
25   subsection (b) is amended by adding a paragraph to read:
26   § 1105.    Statement of financial interests.
27      * * *
28      (b)    Required information.--The statement shall include the
29   following information for the prior calendar year with regard to
30   the person required to file the statement:

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 1             * * *
 2             (11)    The amount of any financial interest in a digital
 3      asset exceeding $1,000.
 4      (c)    Reporting amounts.--Except where an amount is required
 5   to be reported pursuant to subsection [(b)(6) and (7)] (b)(6),
 6   (7) and (11), the statement of financial interests need not
 7   include specific amounts for the items required to be listed.
 8      * * *
 9      Section 4.       Section 1109(a) of Title 65 is amended to read:
10   § 1109.    Penalties.
11      (a)    Restricted activities violation.--
12             (1)     Any person who violates the provisions of section
13      1103(a), (b) and (c) (relating to restricted activities)
14      commits a felony and shall, upon conviction, be sentenced to
15      pay a fine of not more than $10,000 or to imprisonment for
16      not more than five years, or both.
17             (2)    Any person who violates the provisions of section
18      1103(k) shall pay a civil penalty of not more than $50,000.
19      * * *
20      Section 5.       This act shall take effect in 60 days.




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