The Pennsylvania House passes the "Bitcoin Rights" bill, providing regulatory clarity for digital assets

2024-10-25 08:01:42

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ChainCatcher news, the Pennsylvania House of Representatives passed the "Bitcoin Rights" bill, providing regulatory clarity for digital assets. This move comes against the backdrop of increasing uncertainty regarding cryptocurrency regulation at the federal level, continuing the trend of legislatures and governors across the country attempting to establish some rules for the U.S. crypto industry.

The bill passed with a majority of 176 votes to 26, with support from 76 Democrats and all 100 Republicans.

The bill protects residents' rights to self-custody of digital assets, ensuring they can use Bitcoin as a means of payment and providing clear guidelines for taxing Bitcoin transactions.

The bill was drafted by the external Bitcoin advocacy organization Satoshi Action Fund, which is the latest initiative to help lawmakers understand the nuances of blockchain technology and Bitcoin. SAF has successfully assisted 20 other states in drafting and passing similar legislation, with four bills in Oklahoma, Louisiana, Montana, and Arkansas becoming law.

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