Pennsylvania House of Representatives has passed the “Bitcoin Rights Bill” with a bipartisan majority of 176 to 26. This bill aims to provide regulatory clarity for the digital asset industry, including self-custody, payments, and taxation.
Pennsylvania has passed the “Bitcoin Rights Bill,” a new legislation seeking regulatory clarity for the cryptocurrency industry. Despite the United States lagging behind other countries and regions in terms of regulatory clarity for digital assets, Pennsylvania has taken a significant step forward with the passage of House Bill 2481.
The bill received bipartisan support in the Pennsylvania House of Representatives, with 176 votes in favor and 26 votes against on Wednesday, October 23, 2024. The legislation outlines protections for Bitcoin and cryptocurrency holders, including the rights to self-custody and use for payments, as well as providing guidance on Bitcoin transaction taxation.
According to Fox Business, the bill was passed by 76 Democrats and Republicans together in the Pennsylvania House. The next stage for the new legislation is debate and voting in the Republican-led Pennsylvania Senate. If passed, the final stage would be submission to Governor Josh Shapiro, which is scheduled to begin after the November 2024 U.S. presidential election.
Cryptocurrency is one of the topics that candidates seek votes for in the upcoming U.S. presidential election, including at the presidential level. With Donald Trump taking a crypto-friendly stance, Kamala Harris has won the votes of cryptocurrency holders. Despite cryptocurrency roundtable meetings and positive policy plans, Harris has not been involved in cryptocurrency voting.
Although her campaign has received significant donations from wealthy cryptocurrency owners, the most recent being a $10 million XRP donation from Ripple co-founder Chris Larsen, Larsen has called for Democrats to take a “new approach” to cryptocurrency issues.
Meanwhile, within less than two weeks, as Trump’s voting began, the majority of cryptocurrency holders’ predictions declined. JD Vance, Trump’s vice presidential nominee, is also supportive of cryptocurrency.
It is worth noting that Pennsylvania is a battleground state that can help determine the White House race between Trump and Harris.