Pennsylvania House Passes Bitcoin Rights Bill With Bipartisan Support

The Pennsylvania House of Representatives has passed a bipartisan bill aimed at establishing clear regulations for digital assets, particularly bitcoin.

The Pennsylvania House of Representatives passed a bipartisan bill on Wednesday that protects the rights of residents to self-custody bitcoin and use it as a payment method, while also establishing tax guidelines for bitcoin transactions.

The bill, which passed 176-26, now moves to the state Senate. It comes amid growing interest in digital assets and regulatory action by states.

The bill, formally known as House Bill 2481, protects the rights of Pennsylvanians to self-custody their digital assets, allows bitcoin to be used as a form of payment and provides explicit tax guidelines for bitcoin transactions.

Representative Mike Cabell (R), a bitcoin investor who sponsored the bill, highlighted the bipartisan support for the bill, telling Fox Business:

In such polarizing times, it’s great to see both sides of the aisle come together to further innovation and prioritize security for Pennsylvanians who own and transact with cryptocurrency.

The effort is part of a larger movement across the United States to clarify digital asset regulation, especially as federal agencies remain divided over who should oversee the $2 trillion cryptocurrency market.

While the Securities and Exchange Commission (SEC) continues to discuss which digital assets, beyond bitcoin and ethereum, should be classified as securities, the Commodity Futures Trading Commission (CFTC) is responsible for regulating crypto classified as commodities.

The uncertainty at the federal level has pushed states to take action. Dennis Porter, founder of the Satoshi Action Fund (SAF), which helped craft the Pennsylvania bill, said:

With the bill already passed in the Pennsylvania House and poised to pass the Senate, it stands as a pivotal issue for candidates and voters. What’s more, the bitcoin vote represents a new, growing voter bloc actively searching for a political home.

Cabell expressed optimism about the bill’s future in the state Senate, highlighting the bipartisan nature of the bill, especially in a state where the legislature is split between the parties.

A bill geared towards the right to financial freedom should be bipartisan, he said, adding that the 26 ‘nos’ came from members with less of an understanding about blockchain technology and some others with concerns about bitcoin’s effects on the environment.

Pennsylvania is home to 1.5 million digital asset owners, which accounts for about 12% of the state’s population. As the bill moves to the Senate, it represents a critical issue for voters in Pennsylvania.

Cabell, who hopes for another victory in the Senate, stressed the importance of understanding blockchain technology and providing clarity for Pennsylvanians involved in digital asset transactions.

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