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Pennsylvania House passes bipartisan bill focused on regulating bitcoin and digital assets.
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The bill clarifies custody fees, Bitcoin payments and transaction taxes.
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Bill moves to the Senate after the election, then to the governor’s office.
The Pennsylvania House of Representatives has passed a bipartisan bill aimed at clarifying the regulation of digital assets ahead of the November election, according to a report from Fox Business.
House Bill 2481, also known as the Bitcoin Rights Bill, received overwhelming support, with 176 votes in favor and 26 against, including unanimous support from all 100 Republican members, according to the report.
The bill addresses key areas such as the rights of residents to self-custody their digital assets, the use of Bitcoin as a means of payment, and guidelines for the taxation of Bitcoin transactions.
Pennsylvania is a crucial state for both Republicans and Democrats, with about 12% of the state’s 13 million residents holding cryptocurrencies.
The bill, developed with help from bitcoin advocacy group Satoshi Action Fund (SAF), reflects a growing trend of states attempting to establish regulatory frameworks for the crypto industry. The bill now moves to the Republican-led Pennsylvania Senate after the election.
SAF has participated in similar legislative efforts in 20 other states, with laws already enacted in Oklahoma, Louisiana, Montana and Arkansas.
