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- The Pennsylvania House has passed a bipartisan bill providing clear rules for digital assets
- The “Bitcoin Rights” bill allows residents to self-custody digital assets and use bitcoin for payments
- The legislation, supported by both Republicans and Democrats, now heads to the Senate for further review
In a move that underscores Pennsylvania’s commitment to digital asset regulation, the state House has passed the bipartisan Bitcoin Rights bill. This legislation aims to protect residents’ rights in using and storing digital assets like bitcoin, emphasizing self-custody and tax clarity for cryptocurrency transactions. With strong bipartisan backing, the bill now advances to the Senate, awaiting final approval.
“Crucial” to Support Individuals’ Crypto Storage Desires
The “Bitcoin Rights” bill, officially titled House Bill 2481, was passed with a significant majority of 176 to 26. Its bipartisan support included all 100 Republican House members and 76 Democrats, signaling the growing recognition of digital assets’ role in the state economy.
Introduced by Rep. Mike Cabell, a Republican and bitcoin advocate, the bill reflects Pennsylvania’s move to normalize cryptocurrency use in daily transactions while setting regulatory standards. “It’s crucial that we support residents in their right to secure digital assets,” Cabell noted, emphasizing the bill’s potential for financial freedom and innovation.
Crypto Ownership Surging Among Pennsylvanians
The Pennsylvania bill comes as crypto ownership surges in the state, with over 1.5 million residents reportedly holding digital assets. This rising trend indicates a substantial voter base in the state, which remains a critical battleground in the upcoming presidential election.
This legislation also highlights the gap in federal-level crypto guidelines, as Pennsylvania becomes one of several states advancing regulatory frameworks for digital assets. Dennis Porter of the Satoshi Action Fund, which contributed to drafting the bill, commented, “This bipartisan progress shows lawmakers are responding to the people’s need for clarity.”
By proactively addressing cryptocurrency, Pennsylvania may set a precedent for other states seeking to establish similar protections and standards.
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