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Exclusive: Pennsylvania becomes the latest state to pass legislation establishing regulatory clarity around digital assets, continuing a trend of legislatures and governors across the country seeking to provide some rules for the U.S. crypto industry, FOX said. business revealed.
The move comes as the federal government debates over which federal agency should take the lead in regulating cryptocurrencies and enforcing basic investment rules for the nascent $2 trillion digital asset market. It took place amidst ongoing confusion at the level.
On Wednesday, the Pennsylvania House of Representatives passed a bill that protects residents' right to self-custody their digital assets, guarantees the ability to use Bitcoin as payment, and provides clear guidelines for taxing Bitcoin transactions. House Bill 2481, known as the Bitcoin Bill of Rights, passed with strong bipartisan support, passing by an overwhelming vote of 176 to 26. The vote included unanimous support from all 76 Democrats and 100 Republicans.
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The bill will be introduced in the Republican-led Pennsylvania Senate after the election and, if passed, will be on Gov. Josh Shapiro's desk.
Pennsylvania Governor Josh Shapiro is interviewed at the State Capitol in Harrisburg, Pennsylvania, on February 28, 2024. (Photographer: Rachel Wisniewski/Bloomberg via Getty Images / Getty Images)
The bill, developed by the outside Bitcoin advocacy group Satoshi Action Fund (SAF), is the latest effort to help lawmakers understand the nuances between blockchain technology and Bitcoin. SAF successfully helped create and pass similar bills in 20 other states, with four bills enacted in Oklahoma, Louisiana, Montana, and Arkansas. The group's main priorities are to support Bitcoin mainstreaming at the state level and do what the federal government has not yet done: establish clear rules around cryptocurrencies and normalize it as a mode of transaction. Encourage state legislators.
Some state laws regarding financial products sold to retail investors can be controversial. Federal jurisdiction over payment methods often supersedes state law. Meanwhile, the federal government has not yet defined which digital assets, other than Bitcoin and Ethereum, are securities, such as stocks or bonds, and are subject to disclosure rules imposed by the Securities and Exchange Commission.
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The seal of the U.S. Securities and Exchange Commission (SEC) is seen at its headquarters in Washington, DC, on May 12, 2021. (Reuters/Andrew Kelly/File Photo/Reuters)
Another federal agency, the Commodity Futures Trading Commission, oversees cryptocurrencies, which are considered lightly regulated so-called commodities. Cryptocurrency regulation has morphed into a dominant political issue in an election year, with Republicans and fellow presidential candidate former President Donald Trump among the roughly 50 million people who believe the Biden administration's tough regulations are stifling innovation. He is advocating for fewer rules to win the support of many Americans.
“In these polarized times, it’s great to see both sides working together to foster innovation and prioritize the security of Pennsylvanians who own and trade cryptocurrencies,” said bill sponsor and longtime Bit said Pennsylvania Republican Rep. Mike Cavell, who has been involved with the coin. An investor told FOX Business.
Cryptocurrency ownership is also accelerating in Pennsylvania, with 1.5 million residents owning some form of digital asset, or roughly 12% of the state's 13 million people.
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The state serves as one of the most important battlegrounds in the upcoming presidential election and is the target of intense political spending by the U.S. crypto industry seeking to sway votes in favor of candidates it supports. It becomes. With just two weeks left until Election Day, these 1.5 million crypto holders will face a challenge between incumbent Democratic Sen. Bob Casey and his Republican challenger, businessman and Bitcoin supporter Dave. It could make a big difference in a close race like the Senate runoff against McCormick.
The race for the White House in Pennsylvania between President Trump and Vice President Kamala Harris is also heating up, with the two candidates tied in polls.
Chester Spat, a Carnegie Mellon University professor and former SEC chief economist, analyzes the “wish lists” of economists for 2024 presidential candidates. (Fox News/Getty Images/Fox News)
Dennis Porter, founder of the Satoshi Action Fund, which was instrumental in developing the Bitcoin Bill of Rights, said, “Pennsylvania is the most important battleground state in the presidential election, and the outcome could depend on a small number of voters.'' There is,” he said. “This bill has already passed the Pennsylvania House of Representatives and is poised to pass the Senate, making it an extremely important issue for candidates and voters.Furthermore, Bitcoin voting has made the political stronghold actively It represents a new and growing group of voters who are exploring.”
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Pennsylvania is currently the only state with a divided Congress, so neither party has complete dominance and legislation always requires bipartisan support to pass. The bill's bipartisan acceptance in the Democratic-led House, combined with significant support from Republicans, is encouraging for Cabell, who hopes for further victories in the Senate.
“Economic freedom rights legislation should be bipartisan,” Keibel said. “The 26 'no's” came from members who didn't really understand blockchain technology or who were concerned about Bitcoin's environmental impact.
