Pennsylvania House Passes Bitcoin Rights Bill, Advancing Crypto Regulation.

The Pennsylvania House of Representatives has passed a bipartisan bill aimed at protecting residents' rights to self-custody bitcoin and use it as a payment method. The Bitcoin Rights bill, which passed with a 176-26 vote, also establishes tax guidelines for bitcoin transactions. This move is part of a broader trend of states taking regulatory action on digital assets amid federal uncertainty.

The bill's passage represents a significant step towards clearer cryptocurrency regulations in Pennsylvania. Sponsored by Republican Representative Mike Cabell, the bill received strong bipartisan support, highlighting the growing consensus on the need for digital asset regulation across political lines.

The legislation now moves to the Republican-led Pennsylvania Senate, where it is expected to face further scrutiny. If passed, it could have significant implications for the state's 1.5 million digital asset owners, who make up about 12% of Pennsylvania's population.

Report by Bitcoin News