Coin World News reported:
The “Bitcoin Rights Bill” has been passed by a bipartisan majority of 176 to 26 in the Pennsylvania House of Representatives.
The bill aims to provide regulatory clarity for the digital asset industry, including self-custody, payments, and taxation.
Pennsylvania has passed the “Bitcoin Rights Bill,” a new legislation seeking regulatory clarity for the cryptocurrency industry.
Despite the United States lagging behind other countries and regions in terms of regulatory clarity for digital assets, Pennsylvania has taken a significant step towards this goal by passing House Bill 2481.
Pennsylvania House of Representatives passes significant crypto bill
According to Fox Business, the new bill received bipartisan support in the Pennsylvania House of Representatives and was passed with a vote of 176 to 26 on Wednesday, October 23, 2024. The bill outlines protections for Bitcoin and cryptocurrency holders, including the right to self-custody and guidelines for taxing Bitcoin transactions.
76 Democrats join Republicans in passing the bill
Next, the new bill will be debated and voted on in the Pennsylvania Senate, which is led by Republicans. If passed, the final stage will be submitting it to Governor Josh Shapiro. These two steps will begin after the November 2024 US elections.
Cryptocurrency is one of the topics candidates are seeking votes for in the upcoming US elections, including at the presidential level.
With Donald Trump taking a crypto-friendly stance, Kamala Harris won votes from cryptocurrency holders. Despite having a cryptocurrency roundtable and positive policy plans, Harris did not participate in the cryptocurrency vote.
Although her campaign received significant donations from wealthy cryptocurrency owners, the most recent being a $10 million XRP donation from Ripple co-founder Chris Larsen.
Larsen called for Democrats to take a “fresh approach” on cryptocurrency issues.
Meanwhile, in less than two weeks, the predictions of most cryptocurrency holders have dropped with Trump’s votes. JD Vance, Trump’s vice presidential candidate, is also supportive of cryptocurrency.
It is worth noting that Pennsylvania is a battleground state that can help determine the presidential campaign between Trump and Harris.
