HB 2037 — 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.   2607

                     THE GENERAL ASSEMBLY OF PENNSYLVANIA



                         HOUSE BILL
                         No. 2037
                                                  Session of
                                                    2025

     INTRODUCED BY WAXMAN, VENKAT, SANCHEZ, PIELLI, GIRAL,
        HOHENSTEIN, PROBST, VITALI, KINKEAD, HILL-EVANS, CEPEDA-
        FREYTIZ, KUZMA AND MALAGARI, NOVEMBER 17, 2025

     REFERRED TO COMMITTEE ON STATE GOVERNMENT, NOVEMBER 17, 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   nonfungible 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 issue, create, sponsor,
 8      endorse or promote a digital asset in which the public
 9      official or the public official's immediate family has a
10      financial interest or receives financial benefit, during the
11      term of service of the public official.
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 issued, created,
15             sponsored, endorsed or promoted a digital asset in which
16             the public official or member of the public official's
17             immediate family has a financial interest or receives
18             financial benefit, the public official or the member of
19             the public official's immediate family shall have 90 days
20             to divest from the digital asset.
21                   (ii)   If, at the beginning of the term of service for
22             a public official, the public official or a member of the
23             public official's immediate family has issued, created,
24             sponsored, endorsed or promoted a digital asset in which
25             the public official or member of the public official's
26             immediate family has a financial interest or receives
27             financial benefit, the public official or the member of
28             the public official's immediate family shall have 90 days
29             to divest from the digital asset.
30      Section 3.      Section 1105(c) of Title 65 is amended and

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 1   subsection (b) is amended by adding a paragraph to read:
 2   § 1105.    Statement of financial interests.
 3      * * *
 4      (b)    Required information.--The statement shall include the
 5   following information for the prior calendar year with regard to
 6   the person required to file the statement:
 7             * * *
 8             (11)    The amount of any financial interest in a digital
 9      asset exceeding $1,000.
10      (c)    Reporting amounts.--Except where an amount is required
11   to be reported pursuant to subsection [(b)(6) and (7)] (b)(6),
12   (7) and (11), the statement of financial interests need not
13   include specific amounts for the items required to be listed.
14      * * *
15      Section 4.       Section 1109(a) of Title 65 is amended to read:
16   § 1109.    Penalties.
17      (a)    Restricted activities violation.--
18             (1)     Any person who violates the provisions of section
19      1103(a), (b) and (c) (relating to restricted activities)
20      commits a felony and shall, upon conviction, be sentenced to
21      pay a fine of not more than $10,000 or to imprisonment for
22      not more than five years, or both.
23             (2)    Any person who violates the provisions of section
24      1103(k) shall pay a civil penalty of not more than $50,000.
25      * * *
26      Section 5.       This act shall take effect in 60 days.




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