Pennsylvania House passes 'Bitcoin Rights' bill to provide regulatory clarity for digital assets

BlockBeats news, on October 25, the Pennsylvania House of Representatives passed the "Bitcoin Rights" bill to provide regulatory clarity for digital assets. This move was made against the backdrop of increasing uncertainty in cryptocurrency regulation at the federal level. It continues the trend of legislatures and governors across the country trying to set some rules for the U.S. crypto industry.

The bill passed by a majority of 176 votes to 26, including support from 76 Democrats and all 100 Republicans.

The bill protects residents' autonomous custody of digital assets, ensures they can use Bitcoin as a means of payment, and provides clear guidelines for taxing Bitcoin transactions.

The bill was drafted by the external Bitcoin advocacy organization Satoshi Action Fund and is the latest move to help legislators understand the nuances of blockchain technology and Bitcoin. SAF has successfully helped 20 other states draft and pass similar legislation, with four bills becoming law in Oklahoma, Louisiana, Montana, and Arkansas.