Republican

Satoshi

Bitcoin

The Pennsylvania House of Representatives has approved the “Bitcoin Rights” bill, officially known as House Bill 2481. This bill aimed to give residents the right to keep their digital assets, like Bitcoin, stored safely on their own without depending upon any third-party services for safety. 
It further enables people to make payments via Bitcoin which can also increase the number of people using the currency. Additionally, the bill clarifies how Bitcoin transactions will be taxed. 
The timing of this <a href="https://www.legis.state.pa.us/cfdocs/legis/RC/Public/rc_view_action2.cfm?sess_yr=2023&amp;sess_ind=0&amp;rc_body=H&amp;rc_nbr=1609" target="_blank" rel="noreferrer noopener nofollow">bill</a> is crucial considering the fact that there is still a lot of confusion in regard to the federal rules focused on cryptocurrencies and which of the agencies like the SEC and CFTC should take charge. Because of this fact, different states including Pennsylvania are formulating their own laws. 
According to the report,&nbsp;the bill received strong bipartisan support, passing with 176 votes in favor and only 26 against. This included backing from 76 Democrats and all 100 Republican members. 
Moreover, the bill was crafted in conjunction with the Satoshi Action Fund (SAF) an advocacy organization that works to promote Bitcoin. SAF has achieved similar efforts in around twenty states. 
This bill is significant as over 1.5 million residents in Pennsylvania, or 12% of the population, hold some form of cryptocurrency. Next, the bill will be sent to the Republican-led Pennsylvania Senate for further review. If it passes there, it will be sent to Governor Josh Shapiro for final approval.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/10/24/rumors-of-brics-currency-launch-by-putin-proven-false/" target="_blank" rel="noreferrer noopener">Rumors of BRICS Currency Launch by Putin Proven False</a> 
</blockquote>

Pennsylvania House Passes “Bitcoin Rights” Bill for Self-Custody

The Crypto Times

Other articles published on Oct 24, 2024

Tether Proposes Boron-Backed Tokens to Turkey

ChatGPT 4.0 predicts rally for Rollblock, outshining SHIB, ADA

Tesla Holds Its Bitcoin – But Bitcoin Doesn't Care

5 Cryptocurrencies Poised for Exceptional Growth in 2024: NFT Revolution Continues

Pennsylvania House of Representatives passes pro-crypto bill

Solana, Sui, Jupiter, Worldcoin: Price Analysis and Outlook

Join our free newsletter for daily crypto updates!