Pennsylvania House passes pro-crypto bill with 176 votes

The Pennsylvania House of Representatives has passed House Bill 2481, establishing a regulatory framework that supports self-custody and crypto payments.

On October 23, the legislation passed with a significant bipartisan vote of 176 to 26.

The bill now requires approval from the Pennsylvania Senate and must be signed by Governor Josh Shapiro to become law.

Co-written by the Bitcoin advocacy group Satoshi Action Fund, the bill aims to exempt digital assets from additional taxation and affirms the right to operate a node.

Dennis Porter, co-founder of the Satoshi Action Fund, commented on the bill’s passage, stating, “Support for Bitcoin transcends traditional party lines, appealing to voters who prioritise economic freedom, technological innovation, and digital privacy.”

He emphasised that Bitcoin (CRYPTO:BTC) could provide an alternative to central bank digital currencies, which is a pressing concern for many voters.

Crypto advocacy groups are pushing for clear digital asset regulations in the U.S., but industry leaders worry that the country is lagging behind other regions, such as the European Union, which have established regulatory frameworks.

In light of these concerns, Tether CEO Paolo Ardoino expressed optimism that U.S. crypto regulations would improve after the 2024 election, criticising U.S. financial regulators for their lack of coherent crypto policies.

Inter-agency disagreements over how to classify digital assets contribute to uncertainty in the U.S. market, leading some crypto firms to consider relocating to more favorable jurisdictions like Japan, Singapore, and Switzerland.

Ripple CEO Brad Garlinghouse also warned about the exodus of U.S. crypto companies due to ongoing regulatory uncertainty.

At a recent meeting of the Securities Industry and Financial Markets Association, CFTC Chairman Rostin Behnam remarked that his agency felt "handcuffed" in shaping digital asset policy, although he anticipates future changes with the next administration.