The Pennsylvania House of Representatives has made a significant move in the cryptocurrency regulation landscape in the US by passing the ‘Bitcoin Rights’ bill with “overwhelming” bipartisan support.
A Landmark Move For Bitcoin Rights
The bill, officially known as House Bill 2481, received a decisive vote of 176 to 26, with 76 Democrats and all 100 Republicans backing the measure.
The bill aims to protect the rights of individuals to self-custody their digital assets, affirm their ability to use Bitcoin for payments, and establish explicit guidelines for the taxation of Bitcoin transactions.
After the upcoming election, the bill will advance to the Republican-led Pennsylvania Senate, and if approved, it will be sent to Governor Josh Shapiro for final approval.
Crafted in collaboration with the Satoshi Action Fund (SAF), an advocacy group focused on promoting Bitcoin legislation, this bill is part of a broader trend across the United States where state legislatures are stepping in to create regulatory frameworks for the crypto industry.
The Satoshi Act Fund has successfully influenced similar legislation in 20 other states, with four already enacted into law in Oklahoma, Louisiana, Montana, and Arkansas.
Dennis Porter Highlights BTC Vote As New Political Force
In a politically charged election year, cryptocurrency regulation has emerged as a contentious issue, with both Republican and Democratic lawmakers recognizing the need for a balanced approach.
Republican state Representative Mike Cabell, the bill’s sponsor and a long-time Bitcoin investor, praised the bipartisan nature of the bill, stating:
Go to Source to See Full Article
Author: Ronaldo Marquez
