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Cryptocurrency News Articles
Pennsylvania House Approves “Bitcoin Rights” Bill, Will Be Sent to Senate for Further Review
Oct 25, 2024 at 03:02 am
The Pennsylvania House of Representatives has approved the “Bitcoin Rights” bill, officially known as House Bill 2481.
Pennsylvania House Approves ‘Bitcoin Rights’ Bill to Protect Digital Assets, Payments
The Pennsylvania House of Representatives has approved a bill that would give residents the right to keep their digital assets, like Bitcoin, stored safely on their own without third-party services.
The bill, officially known as House Bill 2481, passed the chamber on Wednesday with 176 votes in favor and 26 against. It now heads to the Republican-led Pennsylvania Senate for further consideration.
If passed by the Senate, the bill would then be sent to Democratic Governor Josh Shapiro for final approval.
The legislation is aimed at providing clear guidelines for the نگهداری و پرداخت بیت کوین in the state. It also specifies how Bitcoin transactions will be taxed.
The bill comes at a time when there is still a lot of confusion in regard to the federal rules focused on cryptocurrencies and which of the agencies like the SEC and CFTC should take charge.
Due to this fact, different states are formulating their own laws. For instance, last year, Maryland lawmakers proposed a bill that would designate Bitcoin and other cryptocurrencies as intangible personal property.
According to the report, the bill received strong bipartisan support, with 76 Democrats and all 100 Republican members backing the measure.
The bill was crafted in conjunction with the Satoshi Action Fund (SAF), an advocacy organization that works to promote Bitcoin. SAF has achieved similar efforts in around twenty states.
Over 1.5 million residents in Pennsylvania, or 12% of the population, hold some form of cryptocurrency, according to a report by the Blockchain Association.
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