The Pennsylvania House of Representatives has taken a noteworthy step in the realm of cryptocurrency regulation in the US by passing the ‘Bitcoin Rights’ bill with significant bipartisan backing.
A Historic Step for Bitcoin Rights
Formally titled House Bill 2481, it garnered an overwhelming vote tally of 176 to 26, with support from 76 Democrats and all 100 Republicans.
This legislation is designed to safeguard individuals’ rights to self-custody their digital assets, affirm their capability to use Bitcoin for transactions, and set forth clear guidelines for the taxation of Bitcoin dealings.
Following the next election, the bill will be reviewed by the Republican-led Pennsylvania Senate, and if it receives approval there, it will be sent to Governor Josh Shapiro for final consent.
Developed in partnership with the Satoshi Action Fund (SAF), an advocacy organization that promotes Bitcoin legislation, this bill is part of a larger trend throughout the United States, where state legislatures are actively creating regulatory frameworks for the cryptocurrency sector.
The Satoshi Act Fund has effectively encouraged similar legislative efforts in 20 additional states, with four already signed into law in Oklahoma, Louisiana, Montana, and Arkansas.
Dennis Porter Emphasizes BTC Vote as a New Political Force
In a year filled with political tensions, cryptocurrency regulation has surfaced as a hot-button topic, with both Republican and Democratic lawmakers acknowledging the necessity for a well-rounded strategy.
State Representative Mike Cabell, the bill’s advocate and a veteran Bitcoin investor, commended the bipartisan support, asserting:
In such divisive times, it’s encouraging to witness both parties unite to advance innovation and prioritize the security of Pennsylvanians who engage with cryptocurrency.
Moreover, the rise in crypto ownership in Pennsylvania reflects the growing enthusiasm for digital assets, with around 1.5 million residents—roughly 12% of the state’s populace—possessing some form of cryptocurrency.
This demographic is gaining influence, particularly in Pennsylvania, recognized as a vital battleground state in the upcoming presidential race.
Dennis Porter, founder of the Satoshi Action Fund, highlighted the bill’s strategic significance, suggesting it could greatly affect the political landscape, noting that the Bitcoin vote signifies a “new, expanding voter bloc actively seeking a political home.”
Despite the bill’s triumph, some opposition persists. The 26 dissenting votes came from individuals who either did not possess a thorough understanding of blockchain technology or voiced environmental concerns associated with Bitcoin mining, as reported by FOX.
Nonetheless, Representative Mike Cabell remains optimistic about the bill’s prospects in the Senate, stressing that a dedication to financial freedom should cut across party lines.
As of now, BTC is trading at $67,780, marking a rise of over 2.5% in the past 24 hours.
Featured image from DALL-E, chart from TradingView.com
