Published on October 29, 2024
By: Ertix Truepatch
Both Democrats and Republicans have shown their support for a new proposal designed to bring clarity to the crypto landscape.
As reported by Fox Business, the Pennsylvania House has passed a bipartisan bill that clarifies the state’s stance on digital assets. With a vote of 126 to 26, the so-called “Bitcoin Rights Bill” establishes guidelines for using Bitcoin as a payment method and outlines the rules for taxing Bitcoin transactions.
In Pennsylvania, approximately 12% of the state’s 13 million residents are estimated to own cryptocurrencies, translating to around 1.56 million people. The “Bitcoin Rights Bill” will now head to the Senate, and if it passes, it will be sent to Governor Josh Shapiro for approval.
The pro-Bitcoin group Satoshi Action Fund (SAF) played a key role in crafting the proposal, also known as “Bill 2481”. This amendment aims to empower residents to manage their Bitcoin without interference from intermediaries.
Dennis Porter, co-founder of the Satoshi Action Fund (SAF), shared his thoughts:
“Support for Bitcoin transcends traditional party lines, appealing to voters who value economic freedom, technological innovation, and privacy. Furthermore, Bitcoin provides an escape from CBDCs, a significant concern for many voters.
Our goal is to promote Bitcoin at the state level and encourage lawmakers to establish clear regulations”.
The upcoming presidential election has heightened the importance of cryptocurrencies in Pennsylvania. A Fox News poll released in mid-October shows former President Trump with a narrow lead over Vice President Kamala Harris, 50% to 48%. This marks a shift from last month when Harris held a slight advantage. However, she still leads Trump by 6 points in all seven key battleground states.
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- Only 7.5% of Citizens in El Salvador Use Bitcoin, Survey Finds.
- PayPal Expands Its Crypto Offering: New Features for Merchants in the U. S.
- More Than 60 New Bitcoin Addresses Holding 1,000 to 10,000 BTC Emerged in 2024.
- Uruguay Passes New Law to Regulate the Crypto Industry.
- Worldcoin Grows in Mexico While Facing Sanctions in Argentina and Global Scrutiny.
- Argentina is now the biggest player in the crypto market in Latin America.
- Switzerland, Dubai, and South Korea: The Best Places for Crypto Business in 2024, According to Social Capital Markets.
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