What Is The Pennsylvania Bitcoin Rights Bill About?

Pennsylvania became the latest state to pass laws on digital assets as part of its bid to enhance the regulatory framework for the new Bitcoin Rights Bill. Pennsylvania legislates for Bitcoin with the passage of the Bitcoin Rights Bill. Senate Democrats and Republicans offered their support to the bill. This shift mirrors similar action from other states as key players develop initiatives that seek to offer clear standards for the operation of the crypto industry. 

The recent law made in the Pennsylvania State House is the new Bitcoin Rights Bill, which will see Pennsylvania as the latest state to pass laws intended to offer some measure of regulation to digital assets. More and more state legislatures and governors are stepping in to establish the rules for the US crypto trade. This decision has been made against the backdrop of ongoing confusion at the federal level as to the regulation of cryptocurrencies, as well as which federal agencies are in charge of enforcing basic tenets of investing in a budding $2 trillion market for digital assets.

Pennsylvania Paves the Way with Bipartisan Bitcoin Rights Bill

The House of Representatives in the state of Pennsylvania has passed the Bitcoin Rights bill which is House Bill 2481. It creates legal regimes for the self-ownership of digital property, permits payment with Bitcoin, and defines the taxation of Bitcoin sales.

The bill gained quite considerable support right down political lines with 176 members supporting the bill as it was defeated by 26 members only. The voting session involved only 76 Democrats in favor of the bill, and 100% of the Republicans.

After the next election, it will go to the Republican-dominated Pennsylvania Senate, then to Democratic Governor Josh Shapiro if endorsed.

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The bill was drafted by the Bitcoin advocacy group Satoshi Action Fund to help educate policymakers about the workings of blockchain and Bitcoin. SAF has assisted in the development and passage of identical legislation in twenty other states. Four of them have already become law: Oklahoma, Louisiana, Montana, and Arkansas.

Its main goal is to advocate for Bitcoin on the state level and rush legislators to come up with guidelines governing the cryptocurrency. That is something that the federal government has not done to make its use more standard for funding transactions.

Can Pennsylvania’s Crypto Bill Heal the Political Divide?

Specifically, some laws of states concerning financial instruments for small investors are quite questionable; however, federal statute on means of payment usually preempts state legislation. The federal government still has to decide which of the digital currencies, other than Bitcoin and Ethereum, are securities. Both of them also have to see which is in the disclosure requirements prescribed by the SEC.

An entirely different federal body, the Commodity Futures Trading Commission, which deals with cryptocurrencies as commodities, is less stringent in its approach compared to its counterparts. Lately, its Chair Behnam called on Congress to urgently work on crypto regulation andtoArray election betting at the SIFMA annual meeting while demanding improvements in the existing frameworks to support such goals.

This regulation of crypto has turned out to be very much political in this year of election. This is surprising since both, Democrats and Republicans, as well as the Republican presidential candidate, former President Donald Trump, are demanding more restrictions. 

These should strike a chord with perhaps 50 million Americans who believe that the Biden administration’s technocrats are over-regulating. It is exactly in this state that a political committee supporting Bitcoin, Bitcoin Voters PAC, recently developed a campaign commercial for Trump. About 1.5 million people in Pennsylvania own some kind of cryptocurrency at the moment.

Members of Congress Find Common Ground, Enshrine Bitcoin Freedoms

Only Pennsylvania has a divided system of power in the legislative branch. That means no one party has complete control, and bills can only move with the support of both parties. The Bitcoin Rights bill also enjoyed bipartisan support in the Democrat lower house has support from Republicans and Cabell has reason to hope.