The Pennsylvania House of Representatives passed the Bitcoin Rights Act with “overwhelming” bipartisan support, marking a major shift in the U.S. crypto regulatory landscape.
A groundbreaking move on Bitcoin rights
The bill is officially known as House Bill 2481. received All 76 Democrats and 100 Republicans supported the bill, resulting in a decisive vote of 176-26.
The bill aims to protect the right of individuals to self-manage their digital assets and confirm their ability to use Bitcoin to: paymentestablishes clear guidelines for the taxation of Bitcoin transactions.
After the upcoming election, the bill will go to the Republican-led Pennsylvania Senate and, if passed, to Gov. Josh Shapiro for final approval.
Produced in collaboration with. Satoshi Action Fund The bill is part of a broader trend across the U.S. where state legislatures are taking steps to create regulatory frameworks for the cryptocurrency industry, according to SAF, an advocacy group focused on promoting Bitcoin legislation.
The Satoshi Act Fund has been successful in influencing similar legislation in 20 other states, and four states have already enacted legislation: Oklahoma, Louisiana, Montana, and Arkansas.
Dennis Porter highlights BTC voting as new political force
In a politically significant election year, virtual currency regulation has emerged as a contentious issue, with both Republican and Democratic lawmakers recognizing the need for a balanced approach.
Republican state Rep. Mike Cavell, the bill's sponsor and a longtime Bitcoin investor, praised the bill's bipartisan nature, saying,
In these polarized times, it is great to see both sides working together to foster innovation and prioritize the security of Pennsylvanians who own and trade cryptocurrencies.
moreover, Ownership of crypto assets Reflecting the growing interest in digital assets in Pennsylvania, approximately 1.5 million residents, or about 12% of the state's population, own some form of cryptocurrency.
This group is becoming increasingly influential, especially in Pennsylvania, which is considered a key battleground state in the upcoming presidential election.
Dennis Porter, founder of the Satoshi Action Fund, pointed to the strategic importance of the bill and argued that it could have a huge impact on the world. political situationelaborates that Bitcoin voting represents “a new and growing group of voters actively seeking a political home.”
Despite the bill's success, some opposition remains. The 26 votes against the bill came from members who lacked a comprehensive understanding of the policy. blockchain technology According to FOX, he expressed environmental concerns related to Bitcoin mining.
Nevertheless, Rep. Mike Cabell remains hopeful about the bill's prospects in the Senate, stressing that economic freedom efforts should be bipartisan.
At the time of writing, BTC is trading at $67,780, up over 2.5% in the past 24 hours.
Featured image from DALL-E, chart from TradingView.com
