TechFlow reported on October 25 that, according to Fox Business journalist Eleanor Terrett, the Pennsylvania House of Representatives passed a bipartisan bill aimed at providing regulatory clarity for digital assets by an overwhelming majority. The bill received 176 votes in favor and 26 opposed, including support from 76 Democratic lawmakers and all 100 Republican members.
Known as the "Bitcoin Rights bill," its key provisions include protecting residents' rights to self-custody digital assets, ensuring their ability to use bitcoin as a payment method, and providing clear guidance on taxation for bitcoin transactions. Drafted by the external bitcoin advocacy group Satoshi Action Fund (SAF), the bill represents the latest effort to help legislators understand the intricacies of blockchain technology and bitcoin.
This move comes amid ongoing uncertainty regarding cryptocurrency regulation at the federal level. Pennsylvania State Representative Mike Cabell, a Republican and sponsor of the bill, said: "In such a polarized era, it's encouraging to see bipartisanship come together to advance innovation and prioritize the safety of Pennsylvanians who own and transact in cryptocurrencies."
