ThePennsylvaniaHouseofRepresentativespassedabillonOctober24toestablishregulatoryclarityfordigitalassetslikeBitcoin(BTC)withinthestate.
KnownasHouseBill2481,orthe“BitcoinRights”bill,thelegislationpassedwithstrongbipartisansupport,receivingavoteof176to26,includingall100Republicansand76Democrats.
RegulatoryClarity
AccordingtoaFoxBusinessreport,thelegislationseekstoprotecttherightsofPennsylvaniaresidentstoholdanduseBitcoinwhileestablishingclearguidelinesontaxingdigitalassettransactions.
ThebillnowmovestotheRepublican-ledPennsylvaniaSenate,whichisexpectedtoreviewitaftertheNovemberelections.IfapprovedandsignedbyGovernorJoshShapiro,Pennsylvaniawilljoinotherstatesinestablishingitsdigitalassetrulesamidfederalregulatoryuncertainty.
HouseBill2481wasdevelopedwithinputfromtheBitcoinadvocacyorganizationSatoshiActionFund(SAF).TheSAFhasbeeninvolvedinsimilareffortsin20states,withfourbillsbecominglawinOklahoma,Louisiana,Montana,andArkansas.
Thepushfornewlegislationintheareacomesamidfederaluncertaintyaboutdigitalassetregulation,withagenciesdividedonoversight.TheSecuritiesandExchangeCommission(SEC)continuestoevaluatewhethercertaindigitalassets,apartfromBitcoinandEthereum,qualifyassecurities.Meanwhile,theCommodityFuturesTradingCommission(CFTC)overseesthoseclassifiedascommodities.
“Insuchpolarizingtimes,it’sgreattoseebothsidesoftheaislecometogethertofurtherinnovationandprioritizesecurityforPennsylvanianswhoownandtransactwithcryptocurrency,”saidRepublicanPennsylvaniastateRep.MikeCabell,thebill’ssponsor.
PennsylvaniaCryptoBillCouldSway2024Voters
Withapproximately1.5millionresidents,around12%ofthestate’spopulation,nowholdingdigitalassets,Pennsylvaniahasemergedasapivotalinthenationaldebateovercryptocurrencyregulation.
Thetimingofthebill’spassagecouldalsohaveimplicationsforthestate’supcomingelections,asbothpartiesarefocusedonthegrowinginfluenceofcrypto-friendlyvoters.
LawmakersbelievethatclearpoliciesondigitalassetscouldswayvotersintheSenateracebetweenincumbentDemocratBobCaseyandRepublicanchallengerDaveMcCormick.
“WiththebillalreadypassedinthePennsylvaniaHouseandpoisedtopasstheSenate,itstandsasapivotalissueforcandidatesandvoters,”saidSAFfounderDennisPorter.Headdedthatdigitalassetownersrepresent“agrowingvoterbloc.”
Additionally,crypto-friendlypoliciesaregainingattentionasthepresidentialraceheatsupbetweenDemocratKamalaHarrisandRepublicanDonaldTrump.
cryptopotato.com