👨⚖️ The US state House of Representatives passed the "Bitcoin Rights" bill to clarify the regulatory framework for digital assets!
On October 24, the Pennsylvania State House of Representatives just passed a very important bill called the "Bitcoin Rights" bill. This bill is to give our state Bitcoin and other digital assets clear regulatory rules.
And this bill has received a lot of support, 176 votes in favor and only 26 votes against, which is rare in the current divided political environment!
The purpose of this bill is to protect the rights of ordinary residents like us to hold and use Bitcoin, and it will also tell the public how to tax digital asset transactions. The bill has now been sent to the state senate and will begin review after the November election. If all goes well, Pennsylvania will be able to set its own rules before the federal government figures out how to manage digital assets.
Behind this bill is the support of the Bitcoin advocacy organization Satoshi Action Fund (SAF). They have done similar work in 20 states, and four states have passed similar bills.
The US federal government's regulation of digital assets is still a mess, and the SEC and CFTC are still arguing over who will be in charge. So, this new legislation in Pennsylvania comes at the perfect time.
And did you know that about 1.5 million people, or about 12% of Pennsylvania residents, own digital assets. The passage of this bill could affect the upcoming election, as both parties are eyeing these crypto-friendly voters.
🗣️ Conclusion:
This legislative action in Pennsylvania may be a turning point in the history of cryptocurrency regulation. It not only reflects the state government's forward-looking approach to the field of digital assets, but may also serve as a model for other states and even the federal government. As the legislation moves forward, we may witness the birth of a clearer and more friendly digital asset regulatory environment.
💬 What impact do you think this bill will have on the cryptocurrency market in Pennsylvania and the country? Will it be a catalyst for promoting wider acceptance of digital assets?
