Key Takeaways
- The Pennsylvania House’s bipartisan passage of the Bitcoin Rights Bill underscores a growing trend of state-level digital asset regulation amid federal uncertainty.
- This bill, supported by both Republicans and Democrats, protects residents' rights to self-custody and use BTC for payments.
- As a battleground state in the upcoming election, Pennsylvania’s pro-Bitcoin stance could influence key races and impact the broader Bitcoin and crypto regulatory landscape in the US.
Pennsylvania Advances Bitcoin Rights Bill for Regulatory Clarity
The Pennsylvania House of Representatives recently passed the Bitcoin Rights Bill with a strong bipartisan vote of 176-26.
The bill, House Bill 2481, allows Pennsylvanians the right to self-custody their BTC and use it as a payment method.
In addition to self-custody rights, the legislation establishes clear guidelines for taxing BTC transactions, a first for Pennsylvania.
The bill’s sponsor, Republican state Rep. Mike Cabell, emphasized its importance, stating,
'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.'
If approved by the Pennsylvania Senate, the bill will move to Governor Josh Shapiro’s desk for final consideration.
State-Level Action Gains Traction as Federal Debate Lingers
This bill follows a trend among U.S. states working to establish their own digital asset regulations amid unclear federal guidelines.
The Satoshi Action Fund (SAF), which helped craft the bill, has also been instrumental in supporting similar laws in 20 other states, with four already enacted.
Despite growing state-level clarity, federal agencies like the SEC and CFTC remain in disagreement over regulatory jurisdiction for the $2 trillion crypto market.
The SAF’s efforts aim to fill regulatory gaps by encouraging states to independently adopt clear rules of the road for digital asset transactions and self-custody rights.
Growing Influence of Bitcoin and crypto in Pennsylvania Politics
With Pennsylvania’s status as a key battleground in the upcoming presidential election, the state’s stance on Bitcoin and crypto could influence tight races.
Approximately 1.5 million Pennsylvanians now own BTC and crypto, representing around 12% of the state’s population.
Both major political parties recognize the significance of the 'Bitcoin vote', as 50 million U.S. BTC and crypto owners have become an increasingly active voter base.
The outcome of close races in Pennsylvania, including the Senate contest between Democrat Bob Casey and Bitcoin advocate Republican Dave McCormick, may be affected by this new bloc.
