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The Pennsylvania House of Representatives has passed a bill that could impact how digital assets are used within the state.
House Bill 2481, also known as the Bitcoin Rights Bill, was approved with a bipartisan majority of 176 votes to 26, and now heads to the state Senate for further consideration, according to Fox Business.
The bill, introduced by the nonprofit Satoshi Action Fund, establishes legal clarity around cryptocurrency ownership and usage. It allows residents to self-custody their digital assets, meaning they can hold Bitcoin (BTC) and other cryptocurrencies directly without relying on third-party services like exchanges.
Improved Bitcoin use
The bill also permits the use of Bitcoin for payments, which could change the way businesses and individuals conduct transactions using the cryptocurrency.
For those unfamiliar with crypto, self-custody means owning your digital currency directly, giving you full control over your assets. When you use exchanges, you trust them to store and manage your assets, but self-custody puts that responsibility in the hands of the individual.
Bitcoin is a digital currency that operates without a central authority, and this bill would make its use more widely accepted in Pennsylvania.
If passed by the Senate, this legislation could signal a growing acceptance of digital currencies at the state level, while the federal government continues to grapple with crypto regulation.
Pennsylvania’s decision mirrors efforts in other states, such as Oklahoma and Louisiana, which have passed similar laws.