Pennsylvania House Passes Binary Bitcoin Bill
The Pennsylvania House passed “The Bitcoin Rights Bill” with a bipartisan majority of 176 to 26. The bill seeks regulatory transparency for the digital assets industry, self-sustainability, fees and taxes.
Pennsylvania has passed “The Bitcoin Rights Bill”, a new law seeking regulatory transparency for the crypto industry.
As the United States continues to lag other countries and states on regulatory transparency for digital assets, the state of Pennsylvania has taken a major step forward by passing House Bill 2481.
The Pennsylvania House passes a major crypto bill
According to Fox Business, the new bill received bipartisan support in the Pennsylvania House of Representatives and passed on Wednesday, October 23, 2024 by a vote of 176 to 26. The bill outlines protections for Bitcoin and crypto owners, including the right to self-determination. And use it for payments. ‘Bitcoin Rights' also provides guidance on taxation on Bitcoin transactions.
76 Democrats joined their Republican counterparts to approve the bill, Fox Business wrote.
The next step is for the new bill to be debated and voted on in the Republican-led Pennsylvania Senate. If he passes, the final step will go to Governor Josh Shapiro. These two measures will begin after the November 2024 US elections.
Crypto stands out as one of the topics on which candidates have asked for votes in the upcoming US elections, including the presidency.
With Donald Trump taking a crypto-friendly stance, it was up to Kamala Harris to win the crypto-holder vote. Despite crypto roundtables and positive policy initiatives, Harris has not been associated with the crypto vote.
And that's despite her campaign receiving major donations from some wealthy crypto holders. The most recent is Ripple co-founder Chris Larson's $10 million XRP contribution. Larson called for Democrats to take a “new approach” to the issue of cryptocurrencies.
Meanwhile, with less than two weeks to go, predictions of a Trump vote have left most crypto holders bearish. JD Vance, Trump's VP pick, is also pro-crypto.
In particular, Pennsylvania is a battleground state that will help decide the race between Trump and Harris for the White House.
