The House of Representatives in Pennsylvania has introduced a crypto regulation policy that gives users rights to bitcoin payments and self-custody and provides regulatory clarity on crypto.
The bill (House Bill 2481) received overwhelming support in the legislature. 176 representatives supported it (100 Republicans, 76 Democrats), while only 26 representatives opposed it.
The Bitcoin Rights Bill, as it is named, is expected to go to the Republican-controlled Senate after the US elections on November 4, 2024, where it will likely be passed. It will then proceed to the Governor for assent.
As per estimates, 12% of 13 million Pennsylvania residents own crypto making it a very lucrative way to attract voters in the swing state.
What is the Satoshi Action Fund (SAF)?
Satoshi Action Fund is a group of Bitcoin advocates that has already helped several states in the US, including Pennsylvania, Oklahoma, Louisiana, Montana, and Arkansas. Reportedly, this group has assisted more than 20 states at various stages of legislation.
Republicans and Crypto Policy
Republicans have been overwhelmingly in support of crypto policies, with the Presidential Candidate Donald Trump launching his own crypto platform called World Liberty Finance. The former President had also made a lot of promises including firing current SEC Chairperson Gary Gensler.
