The Pennsylvania House of Representatives has taken a significant step forward in the U.S. cryptocurrency regulation landscape by passing the “bitcoin Rights” bill with “overwhelming” bipartisan support.
A historic move for bitcoin rights
The bill, officially known as Bill 2481, received a decisive 176-26 vote, with 76 Democrats and all 100 Republicans backing the measure.
The bill aims to protect people's rights to self-custody of their digital assets and affirm their ability to use bitcoin to paymentsand 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 passed, will be sent to Gov. Josh Shapiro for final approval.
Prepared in collaboration with thex.com/Dennis_Porter_/status/1849493548468510769″ target=”_blank” rel=”noopener nofollow”> Satoshi Action Fund (SAF), an advocacy group focused on promoting bitcoin legislation, this bill is part of a broader trend in the United States where state legislatures are stepping in to create regulatory frameworks for the crypto industry.
The Satoshi Law Fund has successfully influenced similar laws in 20 other states, four of which have already become law in Oklahoma, Louisiana, Montana and Arkansas.
Dennis Porter highlights the btc vote as a 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 Rep. Mike Cabell, a sponsor of the bill and a long-time bitcoin investor, praised the bipartisan nature of the bill, stating:
In such polarized times, it's great to see both sides of the aisle coming together to promote innovation and prioritize security for Pennsylvanians who own and transact cryptocurrency.
Furthermore, the growth of cryptographic property in Pennsylvania reflects the growing interest in digital assets, with approximately 1.5 million residents (about 12% of the state's population) owning 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 and said it could significantly affect the political landscapeexplaining that the bitcoin vote represents a “growing new voting block 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 block chain technology or expressed environmental concerns related to bitcoin mining, according to FOX.
However, Rep. Mike Cabell remains hopeful about the bill's prospects in the Senate and emphasizes that the commitment to financial freedom must transcend partisan lines.
At the time of writing, btc was trading at $67,780, up more than 2.5% in the last 24 hours.
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