The Pennsylvania House of Representatives has passed a major bill aimed at providing regulatory clarity for digital assets, taking a significant step in states’ efforts to set clearer rules for the U.S. cryptocurrency industry.
The bill, known as House Bill 2481 or the “Bitcoin Rights Bill,” passed with overwhelming bipartisan support, with 176 votes in favor and 26 against. The vote saw 76 Democrats support it and all 100 Republicans unanimously support it.
House Bill 2481, if enacted, would protect residents’ rights to self-custody digital assets, allow Bitcoin to be used as a payment option, and provide clear guidelines for taxing BTC transactions. The bill now heads to the Republican-led Pennsylvania Senate and could reach Governor Josh Shapiro’s desk after the upcoming elections.
The legislation was drafted with the help of the Satoshi Action Fund (SAF), a bitcoin advocacy group that actively works to educate lawmakers about blockchain technology. SAF has successfully helped draft similar bills in 20 other states, four of which have been enacted into law in Oklahoma, Louisiana, Montana, and Arkansas. Their primary goal is to normalize bitcoin at the state level and encourage state legislatures to enact rules where the federal government has yet to establish consistent regulatory clarity.
Pennsylvania’s move comes amid ongoing confusion over federal cryptocurrency regulation and which agencies should take the lead. While the $2 trillion digital asset market remains largely undefined at the federal level, the Securities and Exchange Commission (SEC) considers some assets to be securities, while the Commodity Futures Trading Commission (CFTC) classifies others as commodities with lighter regulations.
“In such polarizing times, it’s great to see both parties coming together to advance innovation and prioritize security for Pennsylvanians who own and transact cryptocurrencies,” Republican state Rep. Mike Cabell, the bill’s sponsor and longtime bitcoin investor, told FOX Business.
*This is not investment advice.