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Pennsylvania House of Representatives Passes Crypto Bill to Bring Regulatory Clarity: Report
The bill aims to provide regulatory clarity for digital assets, including self-custody rights, bitcoin payments, and transaction taxation.
- Pennsylvania House passes bipartisan bill focused on bitcoin and digital asset regulation.
- Bill clarifies self-custody rights, bitcoin payments, and transaction taxes.
- Bill moves to the Senate after the election and then to the Governor's desk.
The Pennsylvania House of Representatives has passed a bipartisan bill aimed at providing regulatory clarity for digital assets ahead of the November elections, according to a Fox Business report.
House Bill 2481, also known as the Bitcoin Rights bill, received overwhelming support, with 176 votes in favor and 26 against, including unanimous backing from all 100 Republican members, the report said.
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The bill addresses key areas such as residents' rights to self-custody digital assets, the use of bitcoin as a payment method, and guidelines for taxing bitcoin transactions.
Pennsylvania is a crucial state for both Republicans and Democrats, roughly 12% of the 13 million people who reside in the state hold crypto.
The bill, developed with the assistance of the bitcoin advocacy group Satoshi Action Fund (SAF), reflects a growing trend of states attempting to establish regulatory frameworks for the crypto industry. The bill now moves to the Republican-led Pennsylvania Senate after the election.
SAF has been involved in similar legislative efforts in 20 other states, with laws already enacted in Oklahoma, Louisiana, Montana, and Arkansas.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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