The Pennsylvania House of Representatives has just passed a bipartisan bill aimed at clarifying the rules for digital assets. This is an important step as we head into the November elections.
Known as House Bill 2481, or the Bitcoin Rights bill, it received strong support. It passed with 176 votes in favor and only 26 against. Every Republican member, all 100 of them, backed the bill.
This legislation covers key topics. It addresses residents' rights to manage their own digital assets. It also allows bitcoin to be used as a payment method and sets guidelines for taxing bitcoin transactions.
Pennsylvania is significant for both political parties. About 12% of the state's 13 million residents own cryptocurrency.
The bill was crafted with help from the Satoshi Action Fund, a group advocating for bitcoin. This reflects a growing trend among states to create clearer regulations for the crypto industry. After the election, the bill will move to the Pennsylvania Senate, which is led by Republicans.
The Satoshi Action Fund has been active in similar efforts across 20 other states. Some successful laws are already in place in Oklahoma, Louisiana, Montana, and Arkansas.