n a very important and unprecedented step, the Pennsylvania House of Representatives has just passed a bill which both promotes the rights of individuals that hold cryptocurrencies and provides clear legal frameworks for regulators. The Bitcoin Rights bill or House Bill 2481 sailed through the house with immense support on the 24th of October.
Strong Bipartisan Backing
This bill passed through the house with a straight 176-26 vote, proving the bi-partisan support for the bill. This legislation meets the rights of Pennsylvanians to self- custody digital assets and clearly outlines taxation laws governing the transactions in the crypto markets, some of the areas of interests to the crypto users.
State-Level Leadership
As about 1.5 million people in Pennsylvania own cryptocurrency, this bill helps to address several gaps left by the federal government. The bill places the commonwealth among states that are making progressive actions in digital asset regulation and may inspire other states’ actions.
Political Implications
This legislation could greatly affect any of the future elections for the year 2024 which would comprise of presidential seat and the Senate. Pennsylvania is a swing state, and the pro-crypto position taken by the state could help shift the voters, especially in the increasing number of crypto owners.
States Lead Crypto Rules Race
The recent Pennsylvania’s Bitcoin Rights bill gives a lot of hope on how states can take the lead in offering clear laws for the regulation of cryptocurrencies while federal laws are still in the offing.
