The Pennsylvania House of Representatives passed HB-2481 on Oct. 23, establishing a regulatory framework protecting self-custody and crypto payments, exempting digital assets from additional taxation, and asserting the right to operate a node.
In a bipartisan vote, the bill passed by a staggering 176 to 26 margin but must still be approved in the Pennsylvania Senate and signed by Pennsylvania Governor Josh Shapiro to become law.
HB-2481 was written by the Bitcoin advocacy group Satoshi Action Fund. Co-founder and spokesperson for the advocacy group Dennis Porter had this to say following the passage of the bill:
"Support for Bitcoin transcends traditional party lines, appealing to voters who prioritize economic freedom, technological innovation, and digital privacy. Bitcoin also provides a pathway to escape CBDCs, an issue top of mind to many voters."
Crypto advocacy groups continue to push for clearly defined digital asset regulations in the United States. However, industry executives have expressed concern that the US is falling behind other jurisdictions, like the European Union, which have established regulatory frameworks.
HB-2481. Source: Pennsylvania General Assembly
Related: Sen. Hagerty introduces Clarity for Payment Stablecoins Act of 2024
US to get clear crypto regulation following the 2024 election?
Tether CEO Paolo Ardoino recently expressed confidence that crypto regulations would improve in the US following the 2024 election and characterized US financial regulators as having “Dropped the ball” on coherent crypto policy.
Inter-agency disagreements about how to classify digital assets continue to cast uncertainty over the status of the nascent asset class in the United States, prompting an exodus of crypto firms from the country.
In 2023, Ripple CEO and co-founder Brad Garlinghouse warned that US-based crypto companies already started relocating to more favorable jurisdictions such as Japan, Singapore, Australia, the United Kingdom, and Switzerland due to the regulatory uncertainty in the US.
At an Oct. 19 Securities Industry and Financial Markets Association meeting, the Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, claimed the regulatory agency was currently "handcuffed” when it came to digital asset policy. Despite this, Behnam said he expected this to change with the next administration.
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