Pennsylvania Passes Bitcoin Rights Bill to Protect BTC Holders

Coin World News reported:
According to The New York Times, the state of Pennsylvania has passed a Bitcoin Rights Bill, marking a milestone in the cryptocurrency industry.
In fact, the legislation aims to protect the self-custody rights of BTC holders and authorizes the use of leading cryptocurrencies as a means of payment in the state.
Pennsylvania is the latest US state to pass such a bill, which seeks to establish regulatory clarity for this asset class. The bill, House Bill 2481, was passed by the state House of Representatives with bipartisan support, receiving a majority vote of 176 to 26.
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Pennsylvania is the latest state to pass a Bitcoin Rights Bill
Throughout 2024, cryptocurrencies have been adopted in a mainstream manner. With the approval of the first cryptocurrency-based ETF in the United States in January, exposure to this asset class continues to grow across the financial industry. However, this has happened despite a lack of regulatory clarity.
In recent years, the US Securities and Exchange Commission (SEC) has been seeking regulation through enforcement. High-profile legal battles with companies such as Ripple and Coinbase have hindered progress in the industry. However, some US states are now seeking to change that.


Pennsylvania House of Representatives (Source: Keystone Newsroom)
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Pennsylvania has become the latest state to pass a Bitcoin Rights Bill, taking an important step towards increasing clarity. The bill will protect the custody rights of Bitcoin for residents of the state. Additionally, it will ensure that BTC can be used as a form of payment in the state and provide clear guidelines for taxation on transactions involving digital assets.
Now, the bill will be presented to the Pennsylvania Senate after the upcoming elections. The fact that all 100 Republican members of the House of Representatives have approved the bill is a promising sign for the Republican-led Senate in the state. If approved, it will then go to Governor Josh Shapiro’s desk.