One of the largest states in the United States has received highly positive legislative news regarding Bitcoin and altcoins. The Pennsylvania House of Representatives has successfully passed a significant bill that aims to establish regulatory clarity for digital assets, marking a crucial step in the state’s efforts to create clearer rules for the cryptocurrency industry in the country.
The bill, referred to as House Bill 2481 or the “Bitcoin Rights Bill,” gained overwhelming bipartisan support, with 176 votes in favor and only 26 against. This support was seen across party lines, with 76 Democrats and all 100 Republicans voting in favor of the bill.
If House Bill 2481 is enacted, it will safeguard residents’ rights to self-custody their digital assets, permit the use of Bitcoin as a payment option, and provide clear guidelines for taxing Bitcoin transactions. The bill will now progress to the Republican-led Pennsylvania Senate and, if approved, could potentially reach Governor Josh Shapiro’s desk after the upcoming elections.
The legislation was drafted with the assistance of the Satoshi Action Fund (SAF), a bitcoin advocacy group that actively educates lawmakers about blockchain technology. SAF has successfully contributed to the drafting of similar bills in 20 other states, four of which have already been enacted into law in Oklahoma, Louisiana, Montana, and Arkansas. The primary objective of SAF 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 confusion surrounding federal cryptocurrency regulation and the determination of which agencies should take the lead. While the digital asset market, valued at $2 trillion, remains largely undefined at the federal level, the Securities and Exchange Commission (SEC) categorizes certain assets as securities, while the Commodity Futures Trading Commission (CFTC) classifies others as commodities with less stringent regulations.
“In such divisive times, it is encouraging to see both political parties collaborating to promote innovation and prioritize security for Pennsylvanians who own and transact cryptocurrencies,” stated Republican state Representative Mike Cabell, the bill’s sponsor and a long-time bitcoin investor, in an interview with FOX Business.
*This article does not provide investment advice.
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