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Pennsylvania House of Representatives
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2023 - 2024 Regular Session


Posted: April 6, 2023 09:26 AM
From: Representative Ben Waxman
To: All House members
Subject: Requiring Disclosure Statements in Cryptocurrency Advertisements
Pennsylvanians are investing in digital assets such as blockchain technology and cryptocurrencies. However, the digital asset industry is decentralized, highly speculative, and subject to intense price swings in short periods of time. For these reasons, new investors can often get in over their head.

I will soon be introducing legislation to require digital asset companies to disclose the risks of investing in cryptocurrency and inform consumers of the potential loss of money. Under my bill, a digital asset company or advertiser who fails to include these disclosures in their advertisements will be subject to a fine.

The cryptocurrency marketplace needs more regulation to ensure that investors are aware of the risks and not misled. We need to do more to protect Pennsylvania consumers from potentially harmful actors that may not have their best interest in mind. I hope you will join me in co-sponsoring this legislation.

Introduced as HB1402