In a decisive 176 to 26 vote, the Pennsylvania House of Representatives passed HB-2481, creating a regulatory framework for digital assets, protecting self-custody and crypto payments while exempting them from additional taxes. The bill has now been moved to the Senate for further approval.
Pennsylvania House Approves Landmark Crypto Bill
Legislation safeguarding self-custody and cryptocurrency payments, excluding digital assets from extra taxes, and recognizing the right to run a node was approved by the Pennsylvania House of Representatives on October 23.
With a bipartisan vote of 176 to 26, the measure was passed by the House of Representatives but still needs the Senate's approval and Governor Josh Shapiro's signature to become law.
Bitcoin Advocacy Group Backs the Bill
Following the bill's passage, Dennis Porter, co-founder and spokesperson for the Bitcoin advocacy group Satoshi Action Fund, had the following to say:
Crypto Advocates Demand Clear US Regulations
Crypto advocacy groups are persistent in their call for the US to have well-defined legislation around digital assets. The United States may be lagging behind other jurisdictions with more developed regulatory frameworks, according to industry leaders. One such jurisdiction is the European Union.
Industry Leaders Criticize US Policy on Crypto
The CEO of Tether, Paolo Ardoino, recently stated his belief that the US government will do a better job regulating cryptocurrencies after the 2024 election and said that US financial authorities had "Dropped the ball" when it came to a consistent crypto policy.
Regulatory Uncertainty Forces Crypto Firms Abroad
According to Cointelegraph, the future of the emerging asset class in the US is clouded by ongoing disputes among government agencies regarding digital asset classification, which has led crypto companies to flee the nation.
Due to regulatory uncertainties in the US, Ripple CEO and co-founder Brad Garlinghouse warned in 2023 that US-based crypto businesses were already transferring to more favorable countries like Japan, Singapore, Australia, the UK, and Switzerland.
CFTC Chair Predicts Change Under Future Administration
Rostin Behnam, chair of the Commodity Futures Trading Commission (CFTC), asserted at a meeting of the Securities Industry and Financial Markets Association on October 19 that the regulatory body was presently "handcuffed" in its approach to digital asset regulation. Behnam, however, stated that he anticipated a change in this situation under the future government.