|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Pennsylvania House Passes ‘Bitcoin Rights’ Bill With Overwhelming Bipartisan Support
Oct 25, 2024 at 02:41 am
The bill aims to protect the rights of individuals to self-custody their digital assets, affirm their ability to use Bitcoin for payments
The Pennsylvania House of Representatives has made waves in the cryptocurrency regulation arena with the passing of the ‘Bitcoin Rights’ bill, garnering “overwhelming” bipartisan support.
The bill, officially designated as House Bill 2481, secured a resounding vote of 176 to 26, with 76 Democrats and all 100 Republicans throwing their weight behind the measure.
Aimed at safeguarding the rights of individuals to self-custody their digital assets, the bill also affirms the ability to utilize Bitcoin for payments and establishes clear guidelines for the taxation of Bitcoin transactions.
Following the upcoming election, the bill will wend its way to the Republican-led Pennsylvania Senate, and if approved, it will land on the desk of Governor Josh Shapiro for final approval.
Crafted in partnership with the Satoshi Action Fund (SAF), an advocacy group dedicated to advancing Bitcoin legislation, this bill is part of a larger movement across the United States where state legislatures are stepping in to create regulatory frameworks for the crypto industry.
The SAF has been instrumental in influencing similar legislation in 20 other states, with four already enacted into law in Oklahoma, Louisiana, Montana, and Arkansas.
Highlighting BTC Vote As New Political Force In a politically charged election year, cryptocurrency regulation has emerged as a contentious issue, with both Republican and Democratic lawmakers recognizing the need for a balanced approach.
Republican state Representative Mike Cabell, the bill’s sponsor and a long-time Bitcoin investor, lauded the bipartisan nature of the bill, stating:
“In such polarizing times, it’s great to see both sides of the aisle come together to further innovation and prioritize security for Pennsylvanians who own and transact with cryptocurrency.”
Moreover, the growth of crypto ownership in Pennsylvania reflects the increasing interest in digital assets, with an estimated 1.5 million residents—about 12% of the state’s population—holding some form of cryptocurrency. This demographic is becoming increasingly influential, especially in Pennsylvania, which is recognized as a crucial battleground state in the upcoming presidential election.
Dennis Porter, founder of the Satoshi Action Fund, pointed to the bill’s strategic importance, claiming that it could significantly impact the political landscape, adding: “The Bitcoin vote represents a new, growing voter bloc actively seeking a political home.”
Despite the bill’s success, some opposition remains. The 26 votes against the measure came from members who either lacked a comprehensive understanding of blockchain technology or expressed environmental concerns related to Bitcoin mining, according to FOX.
Nevertheless, Representative Mike Cabell remains optimistic about the bill’s prospects in the Senate, emphasizing that a commitment to financial freedom should transcend party lines.
At press time, BTC was trading at $67,780, up over 2.5% in the last 24 hours.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Sui Reveals a Partnership With Google Cloud to Improve Data Access
- Oct 25, 2024 at 06:20 am
- Sui, a Layer 1 blockchain platform, has established a strategic partnership with Google Cloud, mediated by ZettaBlock. This collaboration enables developers to access real-time blockchain data using Google Cloud’s Pub/Sub service, opening up new possibilities for innovative applications.
-
- AAVE, BNB, and BlockDAG Poised for Significant Growth as Crypto Scene Morphs
- Oct 25, 2024 at 06:20 am
- AAVE has jumped 85% since September 2024, now just 11% away from a new yearly peak, grabbing the attention of many in the market. Similarly, Binance Coin (BNB) could soon break out, with patterns suggesting a potential climb to $725—a 19.45% rise from today's price. While these coins are looking up, BlockDAG (BDAG) shines brightest following a successful test launch and a presale that pulled in almost $102 million already, with its price exploding 1960% from $0.001 to $0.0206.
-
- Which Cryptocurrency to Buy Today: Unveiling Hidden Gems and Assessing the Potential of Bitcoin, Ethereum, and More
- Oct 25, 2024 at 06:20 am
- In the dynamic world of cryptocurrency, savvy investors frequently ponder which coins to add to their portfolios. While the market is notorious for its volatility, there are several high-potential options to consider based on current trends and technological advancements.
-
- Pepe Unchained ($PEPU) and FreeDum Fighters ($DUM): Altcoins Poised to Rally as US Election Approaches
- Oct 25, 2024 at 06:15 am
- As the US election approaches, political momentum and market uncertainty may fuel gains in altcoins. Analysts point to Pepe Unchained and FreeDum Fighters as two promising low-cap tokens that could benefit from the current environment.