Bitcoin Rights Bill Supported In Pennsylvania By Overwhelming Vote

Key Points:

• The Pennsylvania House of Representatives passed the Bitcoin Rights bill with strong bipartisan support.
• The bill, drafted by the Satoshi Action Fund, still requires approval from the Pennsylvania Senate and Governor Josh Shapiro.

By a vote on October 23, the Pennsylvania House of Representatives took a major stride toward clear regulations on cryptocurrencies in the state. The unanimous passage of the Bitcoin Rights bill, HB-2481, marked the beginning of a process that will continue until the state adopts clear regulations on cryptocurrencies.

Read more: Ohio Crypto Bill Now Advancing to Approve Bitcoin Tax

Pennsylvania House Passes Bitcoin Rights Bill with Bipartisan Support

The Pennsylvania State House has overwhelmingly voted in favor of HB-2481 with a vote of 176-26 with bipartisan support that will now set it in front of the Pennsylvania Senate and Governor Josh Shapiro for approval.

The bill, if signed into law, would finally set out unequivocal regulatory frameworks for digital assets, adding provisions to protect the rights of self-custody and crypto payments and providing immunity from additional taxation. This further cements your rights as an individual to operate cryptocurrency nodes.

The Bitcoin Rights bill was drafted by the Satoshi Action Fund, or SAF, a Bitcoin advocacy group. It is part of a push at the state level to take care of the gap in regulation in the U.S. crypto industry. Up to date, federal agencies like the SEC and the CFTC have been in a struggle for jurisdiction, leaving the industry in limbo.

Key State Poised to Decide American Crypto Landscape Headed Into the 2024 Election

Lobbyists and crypto executives say the United States is falling behind peer regions like the European Union, which regulated crypto long ago.

The Bitcoin Rights bill makes Pennsylvania’s legislative effort a case of the general trend among U.S. states to take matters into their own hands. The success of SAF has ensured that similar bills have been passed through in 20 other states, making Pennsylvania the latest battleground for pro-crypto legislation.

Due to the very critical swing state in the presidential election of 2024, huge political ramifications may come with it. With nearly 1.5 million Pennsylvanians-12% of its population-holding digital assets, that is an important voting demographic energized by this legislation.