Pennsylvania House Passes ‘Bitcoin Rights’ Bill With Bipartisan Support

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As a seasoned researcher with a keen interest in the intersection of technology and finance, I find this development to be a significant stride forward in the evolving landscape of cryptocurrency regulation in the United States. Having closely followed the Satoshi Action Fund’s efforts in promoting Bitcoin legislation across various states, it is heartening to see Pennsylvania join the ranks.

In simple terms, the Pennsylvania House of Representatives has taken a major step in the United States’ cryptocurrency regulatory sphere by approving the ‘Bitcoin Rights’ legislation with a strong consensus that spanned both political parties.

A Landmark Move For Bitcoin Rights

House Bill 2481, commonly referred to as the bill, was overwhelmingly approved by a vote of 176-26. This landslide decision saw 76 Democratic representatives and unanimous support from all 100 Republican representatives in favor of this legislation.

This proposal seeks to ensure that individuals can securely store their own digital properties, endorse the utilization of Bitcoin as a means of payment, and clearly outline the rules governing Bitcoin transaction taxes.

Following the next election, the bill is set to move forward to the Senate of Pennsylvania, which is controlled by the Republicans. If they approve it, the bill will then head to Governor Josh Shapiro for his final decision.

Developed together with the Satoshi Action Fund (SAF), an organization dedicated to championing Bitcoin-related legislation, this proposal forms part of a growing movement in the U.S., as various state governments take on the task of establishing legal structures for the cryptocurrency sector.

The Satoshi Act Fund has been instrumental in inspiring identical bills to pass in twenty other states, and legislation based on it has officially become law in Oklahoma, Louisiana, Montana, and Arkansas.

Dennis Porter Highlights BTC Vote As New Political Force

This year, as political tensions run high, the question of how to regulate cryptocurrencies has become a hot topic, with representatives from both the Republican and Democratic parties acknowledging the importance of finding a fair solution.

Republican State Representative Mike Cabell, who is both the bill’s proposer and a seasoned Bitcoin investor, commended the bill’s bipartisan aspect, expressing that: “The bill has a broad, cross-party support.

It’s wonderful to observe unity across political divisions, as they collaborate to foster innovation and ensure safety in the use and ownership of cryptocurrencies by residents of Pennsylvania.

Moreover, it’s evident that Pennsylvanians are growing more intrigued by digital currencies, as around 1.5 million people in the state, which equates to about 12% of its total population, currently own some type of cryptocurrency.

Influence within this particular group is growing significantly, especially in the key swing state of Pennsylvania, often considered pivotal for the outcome of the approaching U.S. presidential election.

Dennis Porter, creator of the Satoshi Action Fund, emphasized the strategic significance of the bill. He stated that the Bitcoin vote could potentially reshape the political terrain significantly, describing it as a “burgeoning electorate eagerly searching for a political base,” or in simpler terms, a new and expanding group of voters looking for a political party to support.

Regardless of the bill’s triumph, there is still some resistance. The 26 ‘no’ votes on the issue were cast by individuals who may not have had a thorough grasp of blockchain technology or raised environmental issues pertaining to Bitcoin mining, as reported by FOX.

Despite the challenges, Representative Mike Cabell continues to be optimistic about the bill’s chances in the Senate, underlining the idea that a dedication to financial independence is something that should unite parties.

At the time of writing, BTC was trading at $67,780, up over 2.5% in the last 24 hours.

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2024-10-24 21:57