Pennsylvania Passes Bitcoin Rights Bill to Protect BTC Holders

Coin World News reported that Pennsylvania has passed a Bitcoin Rights Bill, which is a milestone development for the cryptocurrency industry, according to The New York Times. In fact, the legislation aims to protect the self-custody rights of BTC holders and authorizes the use of leading cryptocurrencies as a form of payment in the state. Pennsylvania is the latest U.S. state to pass such a bill, which seeks to establish regulatory clarity for this asset class. The bill, House Bill 2481, was passed by the state’s House of Representatives with bipartisan support, receiving a majority vote of 176 to 26. Throughout 2024, cryptocurrencies have been adopted in a mainstream manner. With the approval of the first cryptocurrency-based ETF in January, this asset class continues to gain exposure in the financial sector. However, this situation has occurred despite a lack of regulatory clarity. In recent years, the U.S. Securities and Exchange Commission (SEC) has been seeking regulation through enforcement actions. High-profile legal battles with companies such as Ripple and Coinbase have hindered progress in the industry. However, some U.S. states are now seeking to change this. Pennsylvania has become the latest state to pass a Bitcoin Rights Bill, taking an important step towards improving clarity. The bill will protect the custody rights of Bitcoin for residents of the state. Additionally, it will ensure that BTC can be used as a form of payment in the state and provide clear guidelines for taxing transactions involving digital assets. The bill will now be submitted to the Pennsylvania Senate after the upcoming elections. It is a positive sign that all 100 Republican members of the state House of Representatives approved the bill, which bodes well for the Republican-led Senate in the state. If approved, it will then go to the desk of Governor Josh Shapiro.