Pennsylvania House Advances Bitcoin Bill of Rights to Clarify Digital Asset Regulations: Report

The Pennsylvania House of Representatives passed a bill on October 24 to establish regulatory clarity for digital assets like Bitcoin (BTC) within the state.

Known as House Bill 2481, or the “Bitcoin Rights” bill, the legislation passed with strong bipartisan support, receiving a vote of 176 to 26, including 100 Republicans and 76 Democrats.

Regulatory clarity

According to a Fox Business report, the legislation aims to protect the rights of Pennsylvania residents to own and use Bitcoin while establishing clear guidelines for taxing digital asset transactions.

The bill now moves to the Republican-led Pennsylvania Senate, which is expected to review it after the November election. If approved and signed by Gov. Josh Shapiro, Pennsylvania will join other states in establishing their digital asset rules amid federal regulatory uncertainty.

House Bill 2481 was developed with input from the Bitcoin advocacy organization Satoshi Action Fund (SAF). The SAF has participated in similar efforts in 20 states, with four bills becoming law in Oklahoma, Louisiana, Montana and Arkansas.

The push for new legislation in the area comes amid federal uncertainty over the regulation of digital assets, with agencies divided over oversight. The Securities and Exchange Commission (SEC) continues to evaluate whether certain digital assets, other than Bitcoin and Ethereum, qualify as securities. Meanwhile, the Commodity Futures Trading Commission (CFTC) oversees those classified as commodities.

“In such polarized times, it’s great to see both sides of the aisle come together to innovate and prioritize security for Pennsylvanians who own and transact with cryptocurrency,” said Republican Pennsylvania State Representative Mike Cabell, sponsor of the bill.

Pennsylvania Crypto Bill Could Influence 2024 Voters

With approximately 1.5 million residents, about 12% of the state’s population, now holding digital assets, Pennsylvania has become a flashpoint in the national debate over cryptocurrency regulation.

The timing of the bill’s passage could also have implications for the state’s upcoming election, as both parties focus on the growing influence of crypto-friendly voters.

Lawmakers believe clear policies on digital assets could sway voters in the Senate race between incumbent Democrat Bob Casey and Republican challenger Dave McCormick.

“With the bill already passed in the Pennsylvania House and poised to pass the Senate, it’s a critical issue for candidates and voters alike,” said SAF Founder Dennis Porter. He added that digital asset owners represent “a growing bloc of voters.”

Additionally, crypto-friendly policies are gaining attention as the presidential race between Democrat Kamala Harris and Republican Donald Trump heats up.

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