Bitrabo Editorial
The Pennsylvania House of Representatives has taken a major step towards regulating cryptocurrency in the United States by passing the ‘Bitcoin Rights’ legislation, which received strong bipartisan backing.
Major Progress for Bitcoin Rights
The bill, known as House Bill 2481, was passed with a vote of 176 to 26, attracting support from 76 Democrats and all 100 Republicans.
This legislation seeks to secure individuals’ rights to manage their digital currencies, affirm their right to use Bitcoin for transactions, and provide clear rules for the taxation of Bitcoin deals.
If successful in the Pennsylvania Senate after the upcoming election, it will then be sent to Governor Josh Shapiro for his signature.
Developed in partnership with the Satoshi Action Fund (SAF), an organization advocating for Bitcoin policies, this bill reflects a growing movement across U.S. states as they establish regulatory measures for cryptocurrency.
The Satoshi Action Fund has played a pivotal role in advancing similar legislation in 20 states, with four already signed into law in Oklahoma, Louisiana, Montana, and Arkansas.
Dennis Porter Emphasizes the Political Impact of BTC Legislation
This election cycle has made cryptocurrency regulation a divisive topic, with both parties realizing the importance of finding a balanced solution.
Sponsored by Republican state representative Mike Cabell, a devoted Bitcoin supporter, the bill’s bipartisan support was highlighted, as he remarked:
In such polarizing times, it’s great to see both sides of the aisle come together to further innovation and prioritize security for Pennsylvanians who own and transact with cryptocurrency.
The rise in cryptocurrency ownership in Pennsylvania demonstrates a growing enthusiasm for digital assets, with around 1.5 million residents, or roughly 12% of the state’s population, involved in some form of cryptocurrency.
This group is becoming an increasingly significant force, especially in Pennsylvania, which is considered a critical state in the upcoming presidential election.
Dennis Porter, founder of the Satoshi Action Fund, stressed the bill’s potential to reshape the political arena, suggesting that the support for Bitcoin symbolizes a “new, growing voter bloc actively seeking a political home.”
However, there are some dissenting voices. The 26 votes against the bill came from those who either did not fully grasp blockchain technology or had environmental concerns about Bitcoin mining, as reported by FOX.
Nonetheless, Representative Mike Cabell remains optimistic about the bill’s chances in the Senate, arguing that the pursuit of financial freedom should unite all parties.
As of now, Bitcoin is trading at $67,780, reflecting a more than 2.5% increase in the past 24 hours.
Image provided by DALL-E, with chart data from TradingView.com.