The bill provides regulatory clarity for digital assets and now awaits approval from the Pennsylvania Senate.
Key Takeaways
- The Bitcoin Rights Bill received overwhelming bipartisan support in the Pennsylvania House.
- Bitcoin Rights bill heads to Pennsylvania Senate as 1.5 million crypto owners could impact presidential race.
The Pennsylvania House of Representatives passed a bill providing regulatory clarity for digital assets, protecting residents’ rights to self-custody, enabling Bitcoin payments, and setting guidelines for taxing Bitcoin transactions.
House Bill 2481, referred to as the Bitcoin Rights Bill, passed with overwhelming bipartisan support, garnering a 176-26 vote and unanimous backing from all 100 Republican members.
This legislative push comes amid mounting federal uncertainty about crypto regulation, with agencies like the SEC and the CFTC debating jurisdiction.
In Pennsylvania, however, lawmakers are taking matters into their own hands, crafting laws with the help of advocacy groups such as the Satoshi Action Fund (SAF), which has successfully passed similar bills in 20 other states.
As Pennsylvania is a pivotal swing state in the 2024 presidential election, the crypto industry is keenly aware of its influence. With 1.5 million residents, or roughly 12% of the state’s population, owning digital assets, the bill could galvanize a key voter base.
This may impact tight races, including the Senate contest between incumbent Democrat Bob Casey and Republican challenger Dave McCormick, a known bitcoin advocate.
“Pennsylvania is the most important battleground state in the presidential race, and the outcome could hinge on a small handful of voters,” said Dennis Porter, founder of SAF, which was instrumental in drafting the bill.
He emphasized the growing role of crypto in politics, noting that the bill is poised to pass in the state Senate, signaling a major step forward in state-level crypto regulation.
