The Pennsylvania House of Representatives has approved the “Bitcoin Rights” bill, officially known as House Bill 2481. This bill aimed to give residents the right to keep their digital assets, like Bitcoin, stored safely on their own without depending upon any third-party services for safety.
It further enables people to make payments via Bitcoin which can also increase the number of people using the currency. Additionally, the bill clarifies how Bitcoin transactions will be taxed.
The timing of this bill is crucial considering the fact that there is still a lot of confusion in regard to the federal rules focused on cryptocurrencies and which of the agencies like the SEC and CFTC should take charge. Because of this fact, different states including Pennsylvania are formulating their own laws.
According to the report, the bill received strong bipartisan support, passing with 176 votes in favor and only 26 against. This included backing from 76 Democrats and all 100 Republican members.
Moreover, the bill was crafted in conjunction with the Satoshi Action Fund (SAF) an advocacy organization that works to promote Bitcoin. SAF has achieved similar efforts in around twenty states.
This bill is significant as over 1.5 million residents in Pennsylvania, or 12% of the population, hold some form of cryptocurrency. Next, the bill will be sent to the Republican-led Pennsylvania Senate for further review. If it passes there, it will be sent to Governor Josh Shapiro for final approval.
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