❗ A new bill has been introduced in the Pennsylvania House of Representatives that prohibits public officials and their immediate families from owning Bitcoin and other digital currencies.
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🪙 Bill details (HB1812)
Aims to amend ethics and financial disclosure laws to prevent officials from engaging with digital currencies.
Includes Bitcoin, alternative currencies, meme coins, non-fungible tokens (NFTs), and stablecoins.
Prohibition on owning digital currencies through:
Investment funds 💹
Exchange-Traded Funds (ETFs) 📈
Funds, trusts, or financial derivatives 💰
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⏰ Compliance with deadlines
Officials must divest their digital assets within two months of taking office.
Prohibition on owning digital currencies for one year after leaving government office.
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⚖️ Penalties
Civil fines of up to $50,000 💵
Violations could result in felonies with imprisonment under ethics laws ⚖️
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❓ Will the bill pass?
The bill is now at the beginning of the legislative process and has been referred to the state government committee.
It is still unclear whether it will ultimately pass or not.
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🏛️ Current status of federal officials
There are currently no restrictions on U.S. Congress members owning Bitcoin.
But they must comply with current financial disclosure laws.
Some members previously disclosed their ownership of digital currencies, such as:
Michael Collins (R-GA)
Barry Moore (R-AL)
Jeffrey Jackson (D-NC)
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💡 Note: This news highlights the increasing regulations governing public officials and digital currencies, emphasizing the importance of compliance with laws to avoid legal penalties.