Pennsylvania House Passes Bipartisan Bill For Digital Asset Regulation

According to BlockBeats, on October 25, the Pennsylvania House of Representatives passed a bipartisan bill aimed at providing regulatory clarity for digital assets. This move comes amid increasing federal uncertainty regarding cryptocurrency regulation and continues a trend of legislative bodies and governors across the United States attempting to establish rules for the crypto industry. The bill was passed with a significant majority of 176 votes to 26, including support from 76 Democrats and all 100 Republicans. The legislation protects residents' rights to self-custody digital assets, ensures the use of Bitcoin as a payment method, and provides clear guidelines for taxing Bitcoin transactions. The bill was drafted by the external Bitcoin advocacy organization, Satoshi Action Fund (SAF), as part of their ongoing efforts to help legislators understand the nuances of blockchain technology and Bitcoin. SAF has successfully assisted 20 other states in drafting and passing similar legislation, with four bills becoming law in Oklahoma, Louisiana, Montana, and Arkansas.