Key Points
- A Democratic legislator is reportedly planning to propose a Bitcoin Rights Bill to protect Bitcoin holders’ rights.
- The Bitcoin Rights Bill has already been passed in Pennsylvania and introduced in Virginia.
Dennis Porter, the co-founder of Satoshi Action Fund, has stated that a Democratic legislator is preparing to propose a bill aimed at safeguarding the rights of Bitcoin holders. This proposed legislation is referred to as the Bitcoin Rights Bill. If this information is accurate, it will mark a historic moment as it will be the first time a Democratic trifecta state has introduced a law allowing self-custody for Bitcoin holders.
The Bitcoin Rights Bill
In a social media post, Porter, the CEO of Satoshi Action Fund, stated that this proposed legislation could significantly shape the political landscape for Bitcoin in the coming years. The Bitcoin Rights Bill was recently passed by the Pennsylvania House of Representatives on October 24. The Satoshi Action Fund, a non-profit organization, introduced this bill to regulate cryptocurrency ownership and usage, allowing residents to hold self-custody over their digital assets. This means that Bitcoin and other cryptocurrency holders can maintain control over their digital assets without relying on third-party services like cryptocurrency exchanges.
Expanding the Bitcoin Rights Bill
Earlier this year, the Virginia State Senate also proposed a bill aimed at protecting Bitcoin miners and ensuring self-custody rights for Bitcoin holders. Both Pennsylvania and Virginia are recognized as bipartisan states. At present, 17 states, including California, Delaware, Illinois, Hawaii, New York, and Washington among others, are classified as Democratic trifectas. Porter has highlighted the crucial role of Bitcoin as a “non-partisan technology,” particularly as the United States prepares for its forthcoming presidential election. He argues that both political parties should acknowledge the future potential of Bitcoin.
Porter believes that Bitcoin can serve as a “bridge between the political divide” between Democrats and Republicans, fostering future innovation. He states, “In order for the USA to greatly benefit from Bitcoin, both sides must embrace the technology which is why the news of ‘Bitcoin Rights’ making its way through a deep blue state is so important.” A survey conducted by Digital Chamber titled “Americans’ Views on Crypto Policies and Their Effects on Voting” revealed that 16% of respondents would vote for a candidate who supports cryptocurrency. This group of voters, known as the “Crypto Voting Bloc,” is estimated to consist of 26 million voters from both Republican and Democratic parties.