Pennsylvania House passes bipartisan bill to bring regulatory clarity to digital assets

Published On Oct 24, 2024, 12:27 PM

Pennsylvania has passed a bill known as House Bill 2481, which establishes regulations for digital assets, providing clarity on self-custody rights for bitcoin, allowing its use as a payment method, and outlining tax guidelines for bitcoin transactions. The bill received strong bipartisan support, passing the Pennsylvania House with a vote of 176 to 26 and is set to proceed to the Senate and then to Governor Josh Shapiro. This legislation reflects a growing trend among U.S. states to regulate the cryptocurrency industry amid ongoing federal uncertainty over crypto rules. The bill's authors aim to help mainstream bitcoin and support its legitimization as a transaction method, while approximately 12% of Pennsylvania's population reportedly owns some form of digital asset.