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Stablecoin Regulation in Pa.
Pennsylvania currently relies on the federal regulatory framework for stablecoins, but pending legislation could reshape digital asset oversight in the Commonwealth. Learn what practitioners should know about the proposed bill and the tax implications of increasing stablecoin adoption.
The issue
Recognizing the growing role of digital assets in commerce, Rep. Scott Conklin (D-Centre), introduced House Bill 2647, legislation that would establish Pennsylvania's first dedicated state licensing framework for payment stablecoin issuers. The legislation would authorize the Department of Banking and Securities to license qualified issuers, adopt regulations substantially similar to the federal GENIUS Act, and supervise entities operating under Pennsylvania law. If enacted, the bill would allow Pennsylvania to administer a state regulatory regime that complements the federal framework while providing additional oversight for stablecoin issuers conducting business within the Commonwealth.
Our position
The PICPA supports thoughtful regulatory frameworks that promote transparency, consumer protection, and market confidence in emerging financial technologies — but recommends targeted revisions to:
- Eliminate unnecessary duplication.
- Clarify disclosure and certification requirements.
- Allow qualified Pennsylvania CPA firms to perform attest engagements.
- Adopt current AICPA professional standards.
- Use appropriate independence rules.
- Strengthen oversight through annual internal controls attestations.
These proposed changes would preserve strong oversight by involving Pennsylvania’s CPA profession to provide trust. Read PICPA’s comments here.
Status: House Bill 2647 was referred to the House Commerce committee on June 17, 2026.
