Pennsylvania has made a significant move in the realm of crypto by passing “The Bitcoin Rights Bill,” which aims to provide much-needed regulatory clarity for the crypto industry.
This legislation, known as House Bill 2481, garnered strong bipartisan support in the Pennsylvania House of Representatives, passing with a vote of 176 to 26 on October 23, 2024.
The bill offers essential protections for Bitcoin and cryptocurrency holders, emphasizing the right to self-custody and the ability to use digital assets for payments. It also lays out guidelines for the taxation of Bitcoin transactions. Notably, 76 Democrats joined their Republican colleagues in supporting this initiative.
The next steps involve the bill being debated and voted on in the Republican-led Pennsylvania Senate, followed by a final review from Governor Josh Shapiro. These discussions will take place after the upcoming November 2024 US elections.
As the election approaches, cryptocurrency has emerged as a key issue among candidates, particularly at the presidential level. Former President Donald Trump has adopted a pro-crypto stance, while Vice President Kamala Harris is working to appeal to crypto voters, despite facing challenges in connecting with this demographic.
Harris’s campaign has received significant donations from influential figures in the crypto space, including a notable $10 million contribution from Ripple co-founder Chris Larsen, who has urged the Democrats to rethink their approach to cryptocurrency.
With the election looming, many crypto holders appear to favor Trump, especially with his running mate, JD Vance, also supporting crypto-friendly policies. Pennsylvania, being a crucial battleground state, could play a pivotal role in determining the outcome of the Trump vs. Harris race for the presidency.
