Bitcoin Moves Closer To Legality As Pennsylvania House Passes Crypto Bill
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The US State of Pennsylvania recently became one of the states to pass a new law aimed at making things clearer for people in the world of cryptocurrency, according to reports.
This bill came out as the federal government still discusses how to control the use of digital money. On Wednesday, the Pennsylvania House of Representatives strongly approved House Bill 2481, known as the Bitcoin Rights Bill.
This new law lets people in Pennsylvania keep their digital money safely and use Bitcoin to make payments. It also sets some rules for taxing these payments. With support from both parties, the bill passed with a big 176 to 26 vote, showing agreement across both groups.
The New Law Lets Pennsylvanians Use And Invest In Digital Money Like Bitcoin
This move comes as the federal government is still deciding who should take charge of the $2 trillion digital money market. Right now, it’s uncertain if the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) will lead, which makes the rules around digital money even less clear.
More people in Pennsylvania now own digital money, with around 1.5 million residents holding digital currencies, about 12% of the state’s people. This increase reflects a growing national interest in digital assets for investment and payments.
Republican state Rep. Mike Cabell, who pushed for the bill, said the new law gives people in Pennsylvania the freedom to use and invest in digital money like Bitcoin.
Pennsylvania’s new law on digital money matches a trend happening in other US states. The Satoshi Action Fund, a Bitcoin support group, helped shape the bill. Per reports, this group has successfully promoted similar bills in 20 other states.
The group’s main goal is to make Bitcoin more accepted at the state level and to urge lawmakers to set rules where the federal government has not yet acted, so digital money can be a regular payment method.
The Growing Number Of Digital Money Users Could Impact Voter Support
Some state laws on financial products can be debated, as federal laws on payment methods can override state laws. The federal government hasn’t yet said which digital assets besides Bitcoin and Ethereum are considered securities, like stocks, that must follow the Securities and Exchange Commission’s rules.
The US presidential race between former President Donald Trump and Vice President Kamala Harris is gaining attention in Pennsylvania. Both candidates are close in the polls, and the growing number of people interested in digital money could be an important group of voters.
With the upcoming US elections, more people in the US are choosing digital assets. As Republicans who seem to support digital assets gain more support in polls, investments in Bitcoin and blockchain-related assets are rising.
