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Public officials would be banned from promoting cryptocurrency when they have a financial interest under legislation passed by the House recently.
The House voted 131-71 for House Bill 2037, sponsored by Rep. Ben Waxman, D-Philadelphia, at the end of June.
The bill is before the Senate State Government Committee.
HB2037 expands the scope of the state Ethics Act to include current officials creating or promoting cryptocurrency in which they have a financial interest or receive a financial benefit.
The term refers to a digital asset or virtual currency like Bitcoin, meme coin, nonfungible token and stablecoin.
It would apply to members of their immediate family engaged in the activity. An official and family member would have 90 days to divest the digital office after the ban would take effect or start of their term of service.
Public officials would be required to include the amount of any financial interest in a digital asset exceeding $1,000 on their statement of financial interest. Violations would carry a civil penalty of up to $50,000.
The state Ethics Commission would take the role of enforcing the digital asset restrictions.
"With the rise of new forms of financial assets, particularly cryptocurrencies, our anti-corruption laws need to be strengthened to ensure no public official takes advantage of their position of power for personal gain," said Waxman.