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Pennsylvania House Passes House Bill 2481 'Bitcoin Rights Bill' with 176-26 Bipartisan Support

Oct 24, 2024, 05:30 PM

The Pennsylvania House of Representatives has passed House Bill 2481, also known as the 'Bitcoin Rights Bill,' with a significant majority of 176-26. The bipartisan support saw all 100 Republicans and 76 Democrats backing the legislation. The bill aims to protect residents' rights to self-custody Bitcoin and allows its use as a payment method. Additionally, it provides explicit guidelines around taxing Bitcoin transactions, aiming to bring regulatory clarity to digital assets. The bill now heads to the state Senate for approval. This legislative move, reported by Fox Business, comes amid ongoing uncertainty over federal cryptocurrency regulations and positions Pennsylvania as a pivotal state in the upcoming 2024 election. Pennsylvania has also seen an acceleration in crypto ownership, with 1.5 million residents now owning some form of digital asset.