The Bitcoin Rights bill has been successfully passed by the Pennsylvania House of Representatives, receiving bipartisan support. The bill aims to establish clear regulations for digital assets, with a particular focus on bitcoin. Referred to as House Bill 2481, it garnered overwhelming support, with 176 votes in favor and only 26 against. The legislation safeguards the rights of Pennsylvania residents to self-custody their digital assets, authorizes the use of bitcoin as a payment method, and sets out explicit tax guidelines for bitcoin transactions. The bill will now progress to the Pennsylvania Senate, where it will be considered by the Republican-led chamber.
Representative Mike Cabell, a long-time bitcoin investor and sponsor of the bill, expressed his satisfaction at the bipartisan support, stating that it demonstrates a commitment to innovation and security for Pennsylvanians engaging in cryptocurrency ownership and transactions. The passing of this bill is part of a broader movement across the United States to establish regulatory clarity for digital assets. With federal agencies still divided on which agency should oversee the $2 trillion cryptocurrency market, states have taken it upon themselves to enact regulations. The Securities and Exchange Commission (SEC) continues to debate the classification of digital assets beyond bitcoin and ethereum as securities, while the Commodity Futures Trading Commission (CFTC) focuses on regulating crypto classified as commodities.
The lack of clarity at the federal level has prompted states to take action, and the Pennsylvania bill is a significant development in this regard. Dennis Porter, founder of the Satoshi Action Fund (SAF), a group involved in crafting the bill, highlighted its importance for candidates and voters. He noted that the bitcoin vote represents a growing voter bloc actively seeking a political home. Representative Cabell expressed confidence in the bill’s prospects in the state Senate, emphasizing its bipartisan nature, especially in a legislature divided between parties. He stressed that a bill concerning the right to financial freedom should enjoy bipartisan support. Cabell also addressed concerns raised by lawmakers, explaining that some “no” votes stemmed from a lack of understanding about blockchain technology and concerns about bitcoin’s environmental impact.
Pennsylvania is home to 1.5 million digital asset owners, accounting for approximately 12% of the state’s population. As the bill advances to the Senate, it becomes a crucial issue for Pennsylvania voters. Cabell, who hopes for another victory in the Senate, emphasized the importance of comprehending blockchain technology and providing clarity for Pennsylvanians involved in digital asset transactions.
