Key takeaways
- The Bitcoin Rights Bill received overwhelming bipartisan support in the Pennsylvania House.
- Bitcoin rights bill heads to Pennsylvania Senate as 1.5 million crypto owners could impact presidential race.
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The Pennsylvania House of Representatives pass a bill providing regulatory clarity for digital assets, protecting residents’ custody rights, enabling Bitcoin payments, and establishing guidelines for taxing Bitcoin transactions.
House Bill 2481, called the Bitcoin Rights Bill, passed with overwhelming bipartisan support, garnering a 176-26 vote and unanimous support from all 100 Republican members.
This legislative push comes amid growing federal uncertainty surrounding crypto regulation, with agencies like the SEC and CFTC debating jurisdiction.
In Pennsylvania, however, lawmakers are taking matters into their own hands, crafting laws with the help of advocacy groups such as the Satoshi Action Fund (SAF), which has successfully passed similar bills in 20 other states.
With Pennsylvania being a swing state for the 2024 presidential election, the crypto industry is well aware of its influence. With 1.5 million residents, or about 12% of the state’s population, owning digital assets, the bill could galvanize a key voting base.
That could impact tight races, including the Senate contest between Democratic incumbent Bob Casey and Republican challenger Dave McCormick, a known Bitcoin advocate.
“Pennsylvania is the most important battleground state in the presidential race, and the outcome could depend on a small handful of voters,” said Dennis Porter, founder of the SAF, who played a decisive role in the drafting of the bill.
He highlighted the growing role of crypto in politics, noting that the bill is poised to pass the state Senate, signaling a major step forward in crypto regulation at the state level. State.
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