Pennsylvania 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.

Bill Text

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
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.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1102 of Title 65 of the Pennsylvania
Consolidated Statutes is amended by adding a definition to read:
§ 1102. Definitions.
The following words and phrases when used in this chapter
shall have, unless the context clearly indicates otherwise, the
meanings given to them in this section:
* * *
"Digital asset." A digital representation of value that is
recorded on a cryptographically secured distributed ledger or
similar technology. The term includes cryptocurrency, meme coin,
non-fungible token and stablecoin.
* * *
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Section 2. Section 1103 of Title 65 is amended by adding a
subsection to read:
§ 1103. Restricted activities.
* * *
(k) Financial interest in digital asset.--
(1) A public official or a member of the public
official's immediate family may not engage directly or
indirectly in a prohibited financial transaction during:
(i) the term of service of the public official; or
(ii) the one-year period beginning on the date on
which the service of the public official is terminated.
(2) (i) If, at the time of the effective date of this
paragraph, a public official or a member of the public
official's immediate family has a financial interest in a
digital asset, the public official or the public
official's immediate family shall have 90 days to divest
the financial interest.
(ii) If, at the beginning of the term of service for
a public official, the public official or a member of the
public official's immediate family has a financial
interest in a digital asset, the public official or the
public official's immediate family shall have 90 days to
divest the financial interest.
(3) The following words and phrases when used in this
subsection shall have the meanings given to them in this
paragraph unless the context clearly indicates otherwise:
"Directly." By virtue of the ownership or beneficial
interest of a public official or a member of the public
official's immediate family in a financial interest described
in the definition of "prohibited financial transaction."
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"Indirectly." By virtue of the financial interest of a
public official or a member of the public official's
immediate family in a business entity, partnership interest,
company, investment fund, trust or other third party in which
a public official or a member of the public official's
immediate family has an ownership or beneficial interest.
"Prohibited financial transaction." Includes any of the
following:
(i) The issuance, sponsorship or endorsement of a
digital asset.
(ii) The purchase, sale, holding or other conduct
that causes a public official or a member of the public
official's immediate family to obtain a digital asset.
(iii) The acquisition of a financial interest
comparable to an interest described in subparagraph (i)
or (ii) that is acquired through synthetic means, such as
the use of a derivative, including an option, a warrant
or other similar means.
(iv) The acquisition of a financial interest
comparable to an interest described in subparagraph (i)
or (ii) that is acquired as part of an aggregation or
compilation of the interests through a mutual fund,
exchange-traded fund or other similar means.
Section 3. Section 1105(c) of Title 65 is amended and
subsection (b) is amended by adding a paragraph to read:
§ 1105. Statement of financial interests.
* * *
(b) Required information.--The statement shall include the
following information for the prior calendar year with regard to
the person required to file the statement:
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* * *
(11) The amount of any financial interest in a digital
asset exceeding $1,000.
(c) Reporting amounts.--Except where an amount is required
to be reported pursuant to subsection [(b)(6) and (7)] (b)(6),
(7) and (11), the statement of financial interests need not
include specific amounts for the items required to be listed.
* * *
Section 4. Section 1109(a) of Title 65 is amended to read:
§ 1109. Penalties.
(a) Restricted activities violation.--
(1) Any person who violates the provisions of section
1103(a), (b) and (c) (relating to restricted activities)
commits a felony and shall, upon conviction, be sentenced to
pay a fine of not more than $10,000 or to imprisonmen