In a landmark development for the cryptocurrency sector, Pennsylvania has passed a Bitcoin Rights bill, according to a Fox Business report. Indeed, the legislation is set to protect the right to self-custody for BTC holders and authorizes the use of the leading crypto as a payment method within the state.
Pennsylvania is the latest US state to pass a bill that looks to establish regulatory clarity for the asset class. The state’s House of Representatives passed what is House Bill 2481 with bipartisan support. The legislation was approved with a majority of 176 votes to 26.
Also Read: Arkansas Passes ‘Right to Mine’ Bitcoin Bill Through House and Senate
Pennsylvania is the Latest State to Pass Bitcoin Rights Bill
Throughout 2024, cryptocurrencies have seen their presence adopted in a mainstream way. With the January approval of the first crypto-based ETF in the United States, the asset class has continued to gain exposure throughout the finance sector. Yet that has taken place despite a lack of regulatory clarity.
Through the last several years, the US Securities and Exchange Commission (SEC) has sought regulation through enforcement. High-profile court battles with firms like Ripple and Coinbase have hindered the industry’s progress. However, some US States are now looking to change that.
(Source: Keystone Newsroom)
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In what is a major move toward increased clarity, Pennsylvania has become the latest state to pass a Bitcoin Rights bill. The legislation will protect the state residents’ right to custody of their own BTC. Moreover, it will ensure that BTC can be used as payment in the state, with clear guidelines around taxing transactions made with the digital asset.
Now, the bill will move to the Pennsylvania Senate after the upcoming election. The state House of Representatives saw all 100 Republican members approve its creation, which bodes well for the state’s Republican-led Senate. If approved, it would find its way onto governor Josh Shapiro’s desk.
