On October 22, 2024, the Pennsylvania House of Representatives passed the Digital Assets Authorization Act, securing broad bipartisan support. The bill, which protects residents’ rights to use and store cryptocurrencies, passed with a decisive 176-26 vote, including unanimous backing from all 100 Republican members and 76 Democrats. However, 26 Democrats voted against the measure, indicating some party resistance.
The bill reflects the growing interest in cryptocurrency across the U.S., with recent data showing that crypto owners are almost evenly distributed across political lines—35% Democrats, 33% Republicans, and 32% independents or other, according to a Grayscale report.
The legislation prohibits state and local governments from restricting the use of digital assets such as cryptocurrencies and stablecoins for legal transactions. It also ensures the right to self-custody through hardware or self-hosted wallets and prevents discriminatory taxation on digital asset transactions. Notably, central bank digital currencies (CBDCs) and government-controlled assets are excluded from the bill’s protections.
If enacted, the law will take effect after 60 days, allowing businesses and governments to adjust. Pennsylvania’s move aligns with a broader national trend, following states like Louisiana, which recently adopted crypto-friendly policies.
