The Pennsylvania State House of Representatives passed the ‘Bitcoin Rights Act’ to clarify digital asset regulations, establishing a legal basis to protect the right to own and use cryptocurrency.
According to CryptoPotato on the 25th (local time), the Pennsylvania State House of Representatives passed this bill, called ‘House Bill 2481’, with an overwhelming vote of 176 to 26 on the 24th. With all 100 Republican lawmakers and 76 Democratic lawmakers in favor, this bill was enacted to protect the right to own and use digital assets such as Bitcoin (BTC) and clarify tax regulations for transactions.
The bill now heads to the Republican-led Pennsylvania Senate, where it will be considered after the November election. If passed by the Senate and signed by Gov. Josh Shapiro, Pennsylvania would join a growing number of states establishing their own digital asset regulations amid regulatory uncertainty at the federal level.
Satoshi Action Fund (SAF), a Bitcoin advocacy group, actively participated in preparing the bill, and SAF has already supported similar legislative efforts in 20 states, including Oklahoma, Louisiana, Montana, and Arkansas, and has enacted laws in 4 states. has led to.
Confusion over digital asset regulation at the U.S. federal level continues, and while the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are in conflict over supervisory authority, legislation at the state level is becoming more active. The SEC is evaluating the possibility that most digital assets, except Bitcoin and Ethereum (ETH), may be securities, and the CFTC is supervising assets classified as commodities.
“It’s very positive that both parties are coming together to foster innovation and provide security for cryptocurrency holders,” said Rep. Mike Cabell, a Pennsylvania Republican.
2024 Elections and Potential Impact on the Voter Base
Pennsylvania is playing a key role in the national cryptocurrency regulation debate, with approximately 12% of residents currently owning digital assets. As the passage of the bill coincides with the period leading up to the election, it is expected that the cryptocurrency-friendly voter base will have a significant impact on both the Republican Party and the Democratic Party.
As the bill passes the House and is expected to pass the Senate, the issue is also gaining attention in the race for Senate between Democrat Bob Casey and Republican challenger Dave McCormick. “Digital asset owners are emerging as an increasingly influential constituency,” said SAF founder Dennis Porter.
Additionally, as the presidential race between Democrat Kamala Harris and Republican Donald Trump heats up, cryptocurrency-friendly policies are receiving increasing attention.
Breaking news in real time…Go to TokenPost Telegram
