- The Pennsylvania House of Representatives passed the “Bitcoin Rights Act” with a bipartisan majority of 176 to 26.
- The bill seeks regulatory clarity for the digital asset industry, including self-storage, payments, and taxation.
Pennsylvania has passed the “Bitcoin Rights Act,” a new bill seeking regulatory clarity for the cryptocurrency industry.
While the United States continues to lag other countries and regions in terms of regulatory clarity for digital assets, Pennsylvania has taken a major step toward this with the passage of House Bill 2481.
Pennsylvania House Passes Major Cryptocurrency Bill
The new bill received bipartisan support in the Pennsylvania House of Representatives, passing 176 to 26 on Wednesday, October 23, 2024, according to FOX Business.
The bill outlines protections for Bitcoin and cryptocurrency holders, including the right to self-management and the right to use payments. ‘Bitcoin Rights’ also provides guidance on taxation of Bitcoin transactions.
FOX Business reports that 76 Democrats joined with Republicans to pass the bill.
In the next step, the new bill will be brought up for debate and a vote in the Republican-controlled Pennsylvania Senate. If passed, the final steps would go to Gov. Josh Shapiro. These two phases will begin after the US elections in November 2024.
Cryptocurrency stands out as one of the topics candidates want to vote on in the upcoming US elections, including at the presidential level.
With Donald Trump taking a cryptocurrency-friendly stance, it was up to Kamala Harris to win the votes of cryptocurrency holders. Despite the cryptocurrency roundtable and positive policy plans, Harris does not participate in cryptocurrency voting.
This is also despite the fact that her campaign has received large donations from some wealthy cryptocurrency owners. The most recent example is Ripple co-founder Chris Larsen donating $10 million XRP. Larson urged Democrats to take a “new approach” to the cryptocurrency issue.
Meanwhile, with less than two weeks to go, the majority of cryptocurrency holders are expected to fall as Trump votes. Trump’s vice president of choice, JD Vance, also supports cryptocurrencies.
Pennsylvania in particular is a battleground and one that could help decide the White House race between Trump and Harris.