Key Points
- The Pennsylvania House of Representatives passes the Bitcoin Rights Bill, House Bill 2481.
- The bill allows residents to self-custody their digital assets and permits Bitcoin use for payments.
The Pennsylvania House of Representatives has given a green light to a bill that could influence the usage of digital assets within the state.
Known as the Bitcoin Rights Bill or House Bill 2481, the bill garnered a bipartisan approval with 176 votes to 26 and is now set to be reviewed by the state Senate.
Details of the Bill
The Satoshi Action Fund, a nonprofit organization, introduced the bill to establish a legal framework around cryptocurrency ownership and usage.
The bill empowers residents to self-custody their digital assets, allowing them to hold Bitcoin (BTC) and other cryptocurrencies directly without the need for third-party services like exchanges.
Implications for Bitcoin Use
In addition, the bill authorizes the use of Bitcoin for payments, potentially transforming how businesses and individuals conduct transactions using the cryptocurrency.
To those unfamiliar with the term, self-custody implies owning your digital currency directly, giving you complete control over your assets.
When using exchanges, you entrust them with the storage and management of your assets, but self-custody shifts that responsibility to the individual.
Bitcoin, a digital currency that operates without a central authority, could see its use broaden in Pennsylvania due to this bill.
If the Senate approves this legislation, it could indicate a growing acceptance of digital currencies at the state level, even as the federal government continues to wrestle with cryptocurrency regulation.
This move by Pennsylvania is reflective of similar efforts in other states like Oklahoma and Louisiana, which have also passed comparable laws.