The Pennsylvania House of Representatives has passed House Bill 2481, also known as the Bitcoin Rights bill
he Pennsylvania House of Representatives has passed House Bill 2481, also known as the Bitcoin Rights bill. It establishes protections for resident rights to self-custody digital assets, allows the use of Bitcoin payments, and clarifies the taxing of Bitcoin transactions
Pennsylvania has become the latest state to enact laws aimed at providing some regulatory clarity on digital assets with the new Bitcoin Rights Bill. State legislatures and governors are increasingly taking action to set guidelines for the US crypto industry.
This move comes amidst prevailing uncertainty at the federal level over crypto regulation and the appropriate federal agencies responsible for enforcing fundamental investment rules in the still-developing $2 trillion digital asset market.
Pennsylvania Leads the Way with Bipartisan Bitcoin Rights Bill
The Pennsylvania House of Representatives has passed House Bill 2481, also known as the Bitcoin Rights bill. It establishes protections for resident rights to self-custody digital assets, allows the use of Bitcoin payments, and clarifies the taxing of Bitcoin transactions.
The bill saw considerable bipartisan support, with a convincing majority of 176 to 26 votes. Voting on the bill included 76 Democrats and unanimous support from the 100 Republican members.
The bill, which now heads to the Republican-led Pennsylvania Senate after the upcoming election, would be sent to Governor Josh Shapiro if approved.
