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Pennsylvania House of Representatives Passes Crypto Bill to Bring Regulatory Clarity: Report
The bill aims to provide regulatory clarity for digital assets, including self-custody rights, bitcoin payments, and transaction taxation.
Updated Oct 25, 2024, 6:32 a.m. Published Oct 25, 2024, 6:30 a.m.
- Pennsylvania House passes bipartisan bill focused on bitcoin and digital asset regulation.
- Bill clarifies self-custody rights, bitcoin payments, and transaction taxes.
- Bill moves to the Senate after the election and then to the Governor's desk.
The Pennsylvania House of Representatives has passed a bipartisan bill aimed at providing regulatory clarity for digital assets ahead of the November elections, according to a Fox Business report.
House Bill 2481, also known as the Bitcoin Rights bill, received overwhelming support, with 176 votes in favor and 26 against, including unanimous backing from all 100 Republican members, the report said.
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The bill addresses key areas such as residents' rights to self-custody digital assets, the use of bitcoin as a payment method, and guidelines for taxing bitcoin transactions.
Pennsylvania is a crucial state for both Republicans and Democrats, roughly 12% of the 13 million people who reside in the state hold crypto.
The bill, developed with the assistance of the bitcoin advocacy group Satoshi Action Fund (SAF), reflects a growing trend of states attempting to establish regulatory frameworks for the crypto industry. The bill now moves to the Republican-led Pennsylvania Senate after the election.
SAF has been involved in similar legislative efforts in 20 other states, with laws already enacted in Oklahoma, Louisiana, Montana, and Arkansas.
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