The Pennsylvania House of Representatives has passed the Bitcoin Rights Bill with overwhelming bipartisan support, advancing legislation that provides regulatory clarity for digital assets, including self-custody and Bitcoin payments.
The Pennsylvania House of Representatives recently passed the Bitcoin Rights Bill, marking a significant step toward providing regulatory clarity for digital assets in the state. The bill, House Bill 2481, which was supported by a strong bipartisan majority of 176-26, protects residents' rights to self-custody digital assets, allows the use of Bitcoin for payments, and establishes guidelines for taxing Bitcoin transactions. With unanimous support from all 100 Republican members and backing from 76 Democrats.
Pennsylvania House passes the Bitcoin Rights Bill, which protects residents' rights to self-custody #Bitcoin and use it as payment.
— TFTC (@TFTC21) October 24, 2024
The bill now heads to the state Senate for approval. pic.twitter.com/h1ekRkzNyD
Crafted with the assistance of the Satoshi Action Fund (SAF), the bill aligns Pennsylvania with 20 other states that have enacted similar legislation. The bill now awaits approval in the Republican-led Pennsylvania Senate. Should it pass, it will proceed to Governor Josh Shapiro’s desk for final approval.
This move comes as the federal government continues to debate jurisdiction over the $2 trillion digital asset market, with agencies like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) seeking regulatory authority. The bill’s passage is particularly timely, given that Pennsylvania is a key battleground state in the upcoming presidential election, and its Bitcoin holders could significantly influence tight races, such as the Senate contest between Democrat Bob Casey and Republican Dave McCormick, a known Bitcoin advocate.
