Pennsylvania has reached a new milestone in cryptocurrency by passing the (Bitcoin Rights Bill) with a vote of 176-26. House Bill 2481 stipulates that individuals and businesses have the right to self-custody digital assets, operate blockchain nodes, and trade without interference from restrictive municipal regulations. The state continues to advance new legislation, proposing a strategic Bitcoin reserve.
Following the passage of the (Bitcoin Rights Bill), Cabell, along with another Republican lawmaker Aaron Kaufer, introduced the (Strategic Bitcoin Reserve Bill) (HB 2664) on November 14. Once enacted, this legislation will allow the state treasurer to allocate 10% of Pennsylvania's general fund, emergency fund, and state investment fund to Bitcoin and cryptocurrency-based exchange-traded products (ETPs), as explained in the bill's legislative memo.
According to Decrypt, this could mean an investment of up to $970 million in Bitcoin, fully leveraging its potential as a hedge against inflation and a long-term growth asset.
Pennsylvania's recent actions have stood out nationally, often marked by federal gridlock and partisan divides on cryptocurrency policy. The state's forward-looking approach reflects the pioneering efforts of Wyoming, Texas, and Florida. Bipartisan support for legislative proposals such as the (Bitcoin Rights Bill) and the subsequent (Strategic Bitcoin Reserve Bill) indicates that legislators from both parties see the economic potential of blockchain technology. By codifying the rights of digital asset holders and creating a state-level cryptocurrency investment framework, Pennsylvania is charting a path that other states can follow.
With 50 states in the U.S., each contributing a billion, that could mean hundreds of billions in incremental funding. Is the opportunity to rival gold on the horizon?
