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

PRIOR PRINTER'S NOS. 2607, 3579 PRINTER'S NO. 3693
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, MALAGARI, CIRESI AND MAZZOCCO,
NOVEMBER 17, 2025
AS AMENDED ON SECOND CONSIDERATION, HOUSE OF REPRESENTATIVES,
JUNE 24, 2026
AN ACT
Amending Title 65 (Public Officers) of the Pennsylvania
Consolidated Statutes, in ethics standards and financial
disclosure, further providing for definitions, AND 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,
nonfungible 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 issue, create, sponsor,
endorse or promote a digital asset in which the public
official or the public official's immediate family has a
financial interest or receives financial benefit, during the
term of service of the public official.
(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 issued, created,
sponsored, endorsed or promoted a digital asset in which
the public official or member of the public official's
immediate family has a financial interest or receives
financial benefit, the public official or the member of
the public official's immediate family shall have 90 days
to divest from the digital asset.
(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 issued, created,
sponsored, endorsed or promoted a digital asset in which
the public official or member of the public official's
immediate family has a financial interest or receives
financial benefit, the public official or the member of
the public official's immediate family shall have 90 days
to divest from the digital asset.
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(3) For the purposes of this subsection, a public
official or a member of the public official's immediate
family shall be deemed to have a financial interest in a
digital asset held directly or indirectly through a trust if
the public official or member of the public official's
immediate family:
(i) is a trustee of the trust;
(ii) is a beneficiary of the trust;
(iii) possesses the authority to direct or influence
investment decisions of the trust; or
(iv) may receive a financial benefit or distribution
attributable to the digital asset held by the trust.
(4) Divestment under paragraph (2) shall not be
satisfied by the transfer of a digital asset to a trust in
which the public official or member of the public official's
immediate family retains an interest described under
paragraph (3).
(5) Paragraphs (3) and (4) shall not apply to a
qualified blind trust established and administered in a
manner that prevents the public official or a member of the
public official's immediate family from exercising control
over, or obtaining knowledge of, specific investment
holdings.
(6) For the purposes of this subsection, the term
"member of the public official's immediate family" shall mean
a spouse, minor child or unemancipated child.
(7) FOR THE PURPOSES OF THIS SUBSECTION, THE TERM
"PUBLIC OFFICIAL" SHALL MEAN A MEMBER OF THE GENERAL
ASSEMBLY, THE GOVERNOR, THE LIEUTENANT GOVERNOR, THE ATTORNEY
GENERAL, THE AUDITOR GENERAL, THE STATE TREASURER OR A
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SECRETARY OF AN EXECUTIVE DEPARTMENT OF THE COMMONWEALTH.
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:
* * *
(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 imprisonment for
not more than five years, or both.
(2) Any person who violates the provisions of section
1103(k) shall pay a civil penalty of not more than $50,000.
* * *
Section 5 3. This act shall take effect in 60 days.
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