The Pennsylvania House of Representatives took a significant step in the U.S. cryptocurrency regulatory landscape by passing the “Bitcoin Rights” bill with “overwhelming” bipartisan support.
A historic breakthrough for Bitcoin rights
The bill, officially known as House Bill 2481, received a deciding vote of 176-26, with 76 Democrats and all 100 Republicans supporting the measure.
The bill aims to protect the rights of individuals to self-custody their digital assets, to assert their ability to use Bitcoin to paymentsand establish explicit guidelines for the taxation of Bitcoin transactions.
After the next election, the bill will go to the Republican-led Pennsylvania Senate and if approved, it will be sent to Gov. Josh Shapiro for final approval.
Produced in collaboration with the Satoshi Stock Fund (SAF), an advocacy group focused on promoting Bitcoin legislation, this bill is part of a larger trend across the United States where state legislatures are stepping in to create regulatory frameworks for the industry of cryptography.
The Satoshi Act Fund has successfully influenced similar laws in 20 other states, with four already enacted in Oklahoma, Louisiana, Montana and Arkansas.
Dennis Porter highlights BTC voting as new political force
In a politically charged election year, cryptocurrency regulation has become a contentious issue, with Republican and Democratic lawmakers recognizing the need for a balanced approach.
Republican state Rep. Mike Cabell, the bill’s sponsor and longtime investor in Bitcoin, praised the bipartisan nature of the bill, saying:
In these polarized times, it’s great to see both sides of the aisle coming together to promote innovation and prioritize the security of Pennsylvanians who own and transact with cryptocurrencies.
Furthermore, the growth of cryptocurrency ownership in Pennsylvania reflects growing interest in digital assets, with about 1.5 million residents, or about 12% of the state’s population, holding some form of cryptocurrency.
This demographic is becoming increasingly influential, particularly in Pennsylvania, which is considered a crucial battleground state in the upcoming presidential election.
Dennis Porter, founder of the Satoshi Action Fund, highlighted the strategic importance of the bill, saying it could have a significant impact on the global economy. political landscapespecifying that the Bitcoin vote represents a “new and growing bloc of voters actively seeking a political home.”
Despite the bill’s success, some opposition remains. The 26 votes against the measure came from members who lacked a comprehensive understanding of blockchain technology or expressed environmental concerns related to Bitcoin mining, according to FOX.
Still, Rep. Mike Cabell remains optimistic about the bill’s prospects in the Senate, emphasizing that a commitment to financial freedom should cut across party lines.
At the time of writing, BTC was trading at $67,780, up more than 2.5% in the last 24 hours.
Featured image of DALL-E, chart by TradingView.com
