The Pennsylvania House of Representatives passed the Bitcoin Rights Act with “overwhelming” bipartisan support, marking a major shift in the U.S. crypto regulatory landscape.
A groundbreaking move on Bitcoin rights
The bill, officially known as House Bill 2481, received a decisive vote of 176-26, with all 76 Democrats and 100 Republicans supporting it.
The bill aims to protect the right of individuals to self-manage their digital assets, ensure that Bitcoin can be used for payments, and establish clear guidelines for the taxation of Bitcoin transactions.
After the upcoming election, the bill will go to the Republican-led Pennsylvania Senate and, if passed, to Gov. Josh Shapiro for final approval.
The bill, developed in partnership with the Satoshi Action Fund (SAF), an advocacy group focused on advancing Bitcoin legislation, is the first in the U.S. where state legislatures are taking steps to create a regulatory framework for the crypto industry. is part of a broader trend.
The Satoshi Act Fund has been successful in influencing similar legislation in 20 other states, and four states have already enacted legislation: Oklahoma, Louisiana, Montana, and Arkansas.
Dennis Porter highlights BTC voting as new political force
In a politically significant election year, crypto regulation has emerged as a controversial issue, with both Republican and Democratic lawmakers recognizing the need for a balanced approach.
Republican state Rep. Mike Cavell, the bill’s sponsor and a longtime Bitcoin investor, praised the bill’s bipartisan nature, saying,
In these polarized times, it is great to see both sides working together to foster innovation and prioritize the security of Pennsylvanians who own and trade cryptocurrencies.
Additionally, the increase in cryptocurrency ownership in Pennsylvania reflects a growing interest in digital assets, with approximately 1.5 million residents, approximately 12% of the state’s population, holding some form of cryptocurrency.
This group is becoming increasingly influential, especially in Pennsylvania, which is considered a key battleground state in the upcoming presidential election.
Dennis Porter, founder of the Satoshi Action Fund, pointed to the strategic importance of the bill and argued that it could have a major impact on the political landscape, arguing that Bitcoin voting would be an “active political influence.” “They represent a new and growing group of voters seeking a home base,” he said.
Despite the bill’s success, some opposition remains. According to FOX, the 26 votes against the bill came from members who lacked a comprehensive understanding of blockchain technology or expressed environmental concerns related to Bitcoin mining.
Nevertheless, Rep. Mike Cabell remains hopeful about the bill’s prospects in the Senate, stressing that economic freedom efforts should be bipartisan.
The 1D chart shows BTC price recovering the $67,000 mark. Source: BTCUSDT on TradingView.com
At the time of writing, BTC is trading at $67,780, up over 2.5% in the past 24 hours.
Featured image from DALL-E, chart from TradingView.com
