One of the largest states in the US has received positive news regarding legislation for Bitcoin and altcoins. According to recent reports, a bill that supports cryptocurrencies is making progress in a US state.
The Pennsylvania House of Representatives has successfully passed a significant bill that aims to provide regulatory clarity for digital assets. This is a major step in the state’s efforts to establish clearer rules for the cryptocurrency industry in the US.
The bill, known as House Bill 2481 or the “Bitcoin Rights Bill,” received overwhelming bipartisan support, with 176 votes in favor and only 26 against. The vote showed strong support from both Democrats and Republicans, with 76 Democrats and all 100 Republicans unanimously backing the bill.
If enacted, House Bill 2481 will protect residents’ rights to self-custody their digital assets, allow Bitcoin to be used as a payment option, and provide clear guidelines for taxing Bitcoin transactions. The bill will now proceed to the Republican-led Pennsylvania Senate and could ultimately reach the desk of Governor Josh Shapiro after the upcoming elections.
The legislation was developed with the assistance of the Satoshi Action Fund (SAF), a bitcoin advocacy group that educates lawmakers about blockchain technology. SAF has successfully contributed to the drafting of similar bills in 20 other states, with four of them already enacted into law in Oklahoma, Louisiana, Montana, and Arkansas. The main objective is to normalize bitcoin at the state level and encourage state legislatures to establish consistent regulatory clarity in areas where the federal government has yet to do so.
Pennsylvania’s move comes at a time of ongoing uncertainty regarding federal cryptocurrency regulation and which agencies should take the lead. While the federal level has yet to define the $2 trillion digital asset market, the Securities and Exchange Commission (SEC) considers some assets as securities, while the Commodity Futures Trading Commission (CFTC) classifies others as commodities with lighter regulations.
“In such divisive times, it is wonderful to see both parties working together to promote innovation and prioritize security for Pennsylvanians who own and transact cryptocurrencies,” said Republican state Representative Mike Cabell, the sponsor of the bill and a long-time bitcoin investor, in an interview with FOX Business.
Please note that this article does not provide investment advice.
