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The Pennsylvania House of Representatives has overwhelmingly passed a bipartisan bill that protects the rights of residents to self-custody bitcoin and use it as a payment method, while establishing tax guidelines for bitcoin transactions. The Bitcoin Rights bill, which passed 176-26, now moves to the state Senate, amid growing interest in digital assets as states take regulatory action.
Pennsylvania House Passes Bitcoin Rights Bill With Bipartisan Support
The Pennsylvania House of Representatives has passed a bipartisan bill aimed at establishing clear regulations for digital assets, particularly bitcoin. On Wednesday, House Bill 2481, referred to as the Bitcoin Rights bill, passed with overwhelming support, with 176 votes in favor and only 26 against. The bill, which protects the rights of Pennsylvanians to self-custody their digital assets, allows bitcoin to be used as a form of payment, and provides explicit tax guidelines for bitcoin transactions, now moves to the Republican-led Pennsylvania Senate.
Representative Mike Cabell, a Republican and long-time bitcoin investor who sponsored the bill, commented on the bipartisan nature of the support, telling Fox Business:
In such polarizing times, it’s great to see both sides of the aisle come together to further innovation and prioritize security for Pennsylvanians who own and transact with cryptocurrency.
This effort is part of a larger movement across the United States to clarify digital asset regulation, particularly as federal agencies remain divided over who should oversee the $2 trillion cryptocurrency market. While the Securities and Exchange Commission (SEC) continues to debate which digital assets, beyond bitcoin and ethereum, should be classified as securities, the Commodity Futures Trading Commission (CFTC) is responsible for regulating crypto classified as commodities.
The uncertainty at the federal level has pushed states to take action. Dennis Porter, founder of the Satoshi Action Fund (SAF), which helped craft the Pennsylvania bill, said: “With the bill already passed in the Pennsylvania House and poised to pass the Senate, it stands as a pivotal issue for candidates and voters. What’s more, the bitcoin vote represents a new, growing voter bloc actively searching for a political home.”
Cabell expressed optimism about the bill’s future in the state Senate, emphasizing the bipartisan nature of the bill, especially in a state where the legislature is split between the parties. He opined:
A bill geared towards the right to financial freedom should be bipartisan.
He also addressed concerns raised by some lawmakers, explaining: “The 26 ‘nos’ came from members with less of an understanding about blockchain technology and some others with concerns about bitcoin’s effects on the environment.”
Pennsylvania is home to 1.5 million digital asset owners, which accounts for about 12% of the state’s population. As the bill moves to the Senate, it represents a critical issue for voters in Pennsylvania. Cabell, who hopes for another victory in the Senate, stressed the importance of understanding blockchain technology and providing clarity for Pennsylvanians involved in digital asset transactions.