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Cryptocurrency News Articles
Pennsylvania Passes 'Bitcoin Rights' Bill, Signaling Growing Political Influence of Bitcoin Adoption
Oct 25, 2024 at 06:01 am
On October 23rd, the Pennsylvania House of Representatives passed HB-2481, introducing a regulatory framework that protects self-custody of Bitcoin and Bitcoin payments, exempts digital assets from additional taxes, and affirms the right to run nodes.
Pennsylvania House passes bill protecting self-custody of Bitcoin, digital asset taxation
The Pennsylvania House of Representatives passed a bill on Monday that would introduce a regulatory framework protecting self-custody of Bitcoin and Bitcoin payments, exempt digital assets from additional taxation and affirm the right to run nodes.
The bill, HB-2481, passed with strong bipartisan support, with 176 voting in favor and 26 against. It now awaits approval from the Pennsylvania Senate and the signature of Governor Josh Shapiro to become law.
The bill was authored by the Bitcoin advocacy group Satoshi Action Fund and has been widely praised by Bitcoin proponents.
Dennis Porter, the group’s co-founder, took to Twitter to highlight the importance of the legislation, noting its bipartisan nature and how it aligns with voters’ increasing interest in economic freedom and digital privacy.
BREAKING: The state of Pennsylvania has passed ‘Bitcoin Rights’ in the House by a sweeping majority. Both Republicans and Democrats united together to pass the bill.
Pennsylvania is poised to be the most important state in the ‘24 election & this bill is poised to play a role👇 pic.twitter.com/DuDV12Rgzp
Porter also emphasized the critical role Pennsylvania plays in U.S. elections, describing the state as a “critical battleground” with its 19 electoral votes often determining national election outcomes.
“Bitcoin adoption is expanding, creating a new and motivated voter base actively searching for political allies who support financial freedom and innovation,” Porter stated in the post.
He further pointed out that both Republicans and Democrats can appeal to this emerging voter bloc by showing leadership on Bitcoin-related issues.
Pennsylvania’s significance as a swing state adds further weight to the passage of HB-2481.
As Porter noted in his thread, Pennsylvania is consistently competitive, with the last two presidential elections decided by narrow margins.
The introduction of Bitcoin-friendly legislation in such a crucial state could influence key voter demographics, including younger and tech-savvy voters who prioritize innovation.
The “Bitcoin Rights” bill provides an alternative to central bank digital currencies (CBDCs), a topic that resonates with many voters concerned about financial sovereignty.
Porter’s Twitter thread also highlighted the potential political impact of Bitcoin adoption, stating that the Bitcoin voter base is looking for leaders who prioritize financial independence.
He urged both parties to capitalize on this movement, with both Republicans and Democrats having the opportunity to position themselves as champions of Bitcoin rights.
As Pennsylvania’s political landscape heats up in the lead-up to the 2024 election, the passage of HB-2481 could play a pivotal role in shaping voter attitudes, making it a key issue for candidates seeking to attract voters in one of the most competitive states in the nation.
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