The Pennsylvania House of Representatives has passed a bill aimed at clarifying the regulation of digital assets, FOX Business reported. This bill received support from members of both the Democratic and Republican parties in the U.S. Journalists noted that approximately 12% of the state’s residents own cryptocurrencies.
The Pennsylvania House of Representatives has passed a bill that establishes regulatory clarity regarding digital assets, according to FOX Business.
The bill is designed to protect residents’ rights to self-custody of digital assets and ensure the use of Bitcoin as a medium of exchange. Additionally, it includes clear guidelines for the taxation of Bitcoin transactions.
“Bill 2481, known as the ‘Bitcoin Rights Bill,’ passed with strong bipartisan support, receiving an overwhelming majority of votes—176 in favor and 26 against,” the report states.
Following the elections, the bill will proceed to the Republican-led Pennsylvania Senate, and if approved, it will be sent to the governor.
Journalists noted that the bill was developed by the Satoshi Action Fund (SAF), an organization aimed at promoting Bitcoin adoption at the state level and encouraging lawmakers to establish clear regulations for cryptocurrencies, normalizing them as a means of transaction.
Moreover, FOX Business highlighted that cryptocurrency ownership in Pennsylvania is also on the rise. According to their data, 1.5 million residents own digital assets in one form or another, accounting for approximately 12% of the total population.
Pennsylvania Republican Representative Mike Cabell stated:
“A bill aimed at ensuring the right to financial freedom should be bipartisan. The 26 votes against it came from individuals who do not have a sufficient understanding of blockchain technology, and some were concerned about Bitcoin’s environmental impact.”
In September 2024, we reported that the authorities in the American state of Louisiana officially accepted their first payment for government services in digital assets, utilizing the Lightning Bitcoin protocol for the transaction.