A new bill in the Pennsylvania House of Representatives aims to prohibit public officials, including their families, from owning Bitcoin or other cryptocurrencies. The legislation (HB1812) seeks to update state ethics and financial disclosure laws, preventing officials from engaging with this emerging asset class. The bill would ban holding Bitcoin, alternative cryptocurrencies like memecoins and NFTs, stablecoins, and even cryptocurrency derivatives and ETFs. Officials must divest their digital assets within two months of taking office and are prohibited from owning them a year after leaving government positions. If they fail to comply with these requirements, they could face penalties up to $50,000 or be subject to felony charges that could result in imprisonment.