- The Pennsylvania House of Representatives passed the “Bitcoin Rights Act” in a bipartisan vote of 176 to 26.
- The bill seeks regulatory clarity for the digital assets industry on issues such as self-custody, payments, and taxation.
Pennsylvania has advanced a new law called the “Bitcoin Rights Act” to bring clearer rules to the cryptocurrency industry. While the United States as a whole continues to lag other countries and regions in providing clear digital asset regulation, the passage of House Bill 2481 in Pennsylvania marks a significant step toward that goal.
Pennsylvania Legislature Approves Major Cryptocurrency Bill
According to reports, the bill won broad bipartisan support in the Pennsylvania House and passed on Wednesday, October 23, 2024, by a vote of 176 to 26. The legislation outlines protections for Bitcoin and other crypto holders, including rights related to self-custody and the ability to use digital assets for payments. The “Bitcoin Rights” provisions also include guidance on tax treatment for Bitcoin transactions. Reporters noted that 76 Democrats joined Republicans to pass the measure.
The bill now moves to the Republican-led Pennsylvania Senate for debate and a vote. If approved there, the final step would be consideration by Governor Josh Shapiro. Those next stages are expected to occur after the U.S. elections in November 2024. Digital asset policy has emerged as a notable topic among presidential-level candidates, and positions on cryptocurrency could influence voter support.
With former President Donald Trump expressing crypto-friendly views, some analysts say capturing crypto holders’ votes could be decisive. Vice President Kamala Harris faces challenges connecting with crypto voters despite holding roundtables on digital assets and proposing supportive policies; her campaign has nevertheless received significant donations from wealthy crypto owners. A high-profile recent contribution was a $10 million donation in XRP from Ripple co-founder Chris Larsen, who encouraged Democrats to adopt a “new approach” to cryptocurrency policy.
Meanwhile, with fewer than two weeks until the election at the time of reporting, forecasts suggested many crypto holders leaned toward supporting Trump. Trump’s selection of Senator J.D. Vance as his running mate also drew attention from crypto supporters. Pennsylvania remains a key battleground state and could play an important role in determining the outcome of the contest between Trump and Harris for the White House.