- Pennsylvania House of Representatives have passed “The Bitcoin Rights Bill”, with a bipartisan majority of 176 to 26
- The bill seeks regulatory clarity to the digital assets industry, including on self-custody, payments, and taxation
Pennsylvania has passed “The Bitcoin Rights Bill”, a new legislation that seeks regulatory clarity to the crypto industry.
While the US continues to lag other countries and regions in terms of regulatory clarity for digital assets, the state of Pennsylvania has taken a huge step towards this with the passage of House Bill 2481.
Pennsylvania House passes major crypto bill
According to FOX Business, the new bill received bipartisan support in the Pennsylvania House of Representatives and passed on Wednesday, October 23, 2024, with 176 votes to 26.
The bill outlines protections for Bitcoin and crypto holders, including the right to self-custody and use for payments. ‘Bitcoin Rights’ also provides guidelines on the taxation of Bitcoin transactions.
76 Democrats joined their Republican counterparts to pass the bill, FOX Business wrote.
The next stage will see the new bill come up for debate and voting at the Pennsylvania Senate, which is Republican-led. If it passes, the final stage will be forwarded to Gov. Josh Shapiro. These two steps commence after the November 2024 US election.
Crypto stands out as one of the topics candidates in the upcoming US election have sought votes on, including at the presidential level.
With Donald Trump taking a crypto-friendly stance, it’s been up to Kamala Harris to win the crypto holder’s vote. Despite crypto roundtables and positive policy plans, Harris isn’t connecting with the crypto vote.
That’s also despite her campaign receiving major donations from some wealthy crypto owners. The most recent is Ripple co-founder Chris Larsen’s $10 million XRP contribution. Larsen called for the Democrats to take a “new approach” to the issue of cryptocurrencies.
Meanwhile, with less than two weeks to go, forecasts put the majority of crypto holders down as Trump votes. JD Vance, Trump’s VP pick, is also pro-crypto.
Notably, Pennsylvania is a battleground state and one that could help decide the Trump vs. Harris race to the White House.