The Pennsylvania House of Representatives passed the Bitcoin Bill of Rights with a bipartisan vote of 176-26. The bill seeks regulatory clarity for the digital asset industry, including self-custody, payments, and taxation.
Pennsylvania has passed a new bill, the Bitcoin Bill of Rights, that seeks to clarify regulations for the virtual currency industry.
While the United States lags behind other countries and regions in terms of regulatory clarity for digital assets, Pennsylvania has taken a major step toward this with the passage of House Bill 2481.
Pennsylvania House passes major cryptocurrency bill
According to FOX Business, the new bill received bipartisan support in the Pennsylvania House of Representatives, passing on Wednesday, October 23, 2024, by a vote of 176 to 26. The bill outlines protections for holders of Bitcoin and virtual currencies, including self-custody rights. and use it for payment. “Bitcoin Rights'' also provides guidelines regarding the taxation of Bitcoin transactions.
FOX Business reported that 76 Democrats joined Republicans in passing the bill.
The next step will be for the new bill to be considered and voted on by the Republican-led Pennsylvania Senate. If passed, the final step would go to Gov. Josh Shapiro. These two steps will begin after the US elections in November 2024.
Cryptocurrency stands out as one of the topics candidates in the upcoming US election are seeking votes for, including at the presidential level.
With Donald Trump taking a crypto-friendly stance, it will be up to Kamala Harris to win over the votes of crypto holders. Despite the Cryptocurrency Roundtable and forward-looking policy plans, Harris has not committed to voting on cryptocurrencies.
That's despite her campaign receiving large donations from some wealthy crypto holders. The most recent is a $10 million XRP donation by Ripple co-founder Chris Larsen. Larsen called on Democrats to take a “new approach” to the crypto issue.
On the other hand, with less than two weeks remaining, some predict that the majority of crypto holders will lose their vote due to Trump. J.D. Vance, whom President Trump nominated as vice president, is also a supporter of cryptocurrencies.
It is worth noting that Pennsylvania is a battleground state that could determine the race for the White House between Trump and Harris.
