Pennsylvania’s Bitcoin Bill Overcomes a Significant Obstacle, Signaling Changes to Crypto Regulation; crypto news today

Crypto News Today

A bipartisan law that establishes tax rules for bitcoin transactions and safeguards people' rights to self-custody and payment methods was enacted by the Pennsylvania House of Representatives with a resounding majority. With governments taking regulatory action and interest in digital assets expanding, the Bitcoin Rights law, which passed 176-26, is now headed to the state Senate.

With bipartisan support, the Pennsylvania House passes a bill pertaining to bitcoin rights.

A bipartisan measure to create clear laws for digital assets, including bitcoin, was passed by the Pennsylvania House of Representatives. House law 2481, often known as the Bitcoin Rights law, was passed on Wednesday with 176 votes in favor and just 26 votes against, demonstrating its broad popularity. The law, which permits the use of bitcoin as a payment method, gives clear tax principles for bitcoin transactions, and safeguards Pennsylvanians' rights to self-custody their digital assets, is now on its way to the Republican-led Pennsylvania Senate. Regarding the bipartisan nature of the support, Republican Representative Mike Cabell, a longtime bitcoin investor and legislative supporter, said Fox Business: As government agencies continue to disagree over who should regulate the $2 trillion cryptocurrency industry, this endeavor is a part of a broader trend in the US to make digital asset regulation more clear. The Commodity Futures Trading Commission (CFTC) is in charge of overseeing cryptocurrency that is categorized as a commodity, while the Securities and Exchange Commission (SEC) is still debating which digital assets—aside from bitcoin and Ethereum—should be categorized as securities. States have been compelled to act due to the federal degree of ambiguity. "With the bill already passed in the Pennsylvania House and on track to pass the Senate, it stands as a pivotal issue for candidates and voters," stated Dennis Porter, founder of the Satoshi Action Fund (SAF), which contributed to the creation of the Pennsylvania bill. Furthermore, a new and expanding voting group actively looking for a political home is represented by the bitcoin vote.