Pennsylvania’s House of Representatives recently passed a groundbreaking bipartisan crypto bill that aims to protect the self-custody rights of customers, establish Bitcoin (BTC) as a valid payment method, and provide clear guidelines on how BTC transactions should be taxed. This bill, known as the “Bitcoin Rights bill,” received support from both Democrats and Republicans and is now headed to the Senate for further consideration.
The bill explicitly states that individuals and businesses have the right to accept digital assets as a form of payment for legal goods and services, as well as maintain self-custody of their digital assets using self-hosted or hardware wallets. It also prohibits the government from imposing additional taxes or charges on digital assets used for transactions. Additionally, the bill allows for the government to operate a node for various purposes, including connecting to blockchain protocols and transferring digital assets.
Originally drafted by the Satoshi Action Fund (SAF), a pro-BTC advocacy group, the bill reflects a growing trend of states implementing crypto-friendly legislation. Bitcoin is currently trading at $67,687, showing a slight increase over the last 24 hours.
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The information in this article was inspired by Midjourney and is intended to provide valuable insights into the evolving landscape of crypto regulations. Stay tuned for more updates on this exciting development in Pennsylvania’s crypto legislation.