The Pennsylvania House of Representatives has passed a landmark bill designed to bring clear regulatory guidelines to digital assets, particularly Bitcoin. House Bill 2481, also known as the Bitcoin Rights Bill, received strong bipartisan support on Wednesday, with 176 votes in favor and only 26 against.
This bill, which aims to protect the rights of Pennsylvanians to self-custody digital assets, permit Bitcoin for payments, and establish tax guidelines for Bitcoin transactions, now heads to the Republican-majority Pennsylvania Senate.
Republican Representative Mike Cabell, a longtime Bitcoin investor who sponsored the bill, highlighted its bipartisan support in a statement to Fox Business. He remarked, “In such polarizing times, it’s great to see both sides of the aisle come together to foster innovation and prioritize security for Pennsylvanians who own and transact with cryptocurrency.”
This initiative aligns with a growing state-level movement to clarify digital asset regulations across the U.S., as federal agencies continue to disagree over regulatory jurisdiction. While the Securities and Exchange Commission (SEC) debates which digital assets should be classified as securities, the Commodity Futures Trading Commission (CFTC) manages those considered commodities. This ambiguity at the federal level has spurred Pennsylvania and other states to address digital asset oversight independently.
Dennis Porter, founder of the Satoshi Action Fund (SAF) and contributor to Pennsylvania’s Bitcoin Rights Bill, noted the bill’s significance. “With the bill passed in the House and moving to the Senate, it represents a key issue for candidates and voters. Additionally, this Bitcoin vote signals the emergence of a new, engaged voter bloc actively seeking a political voice,” Porter stated.
Representative Cabell remains hopeful about the bill’s Senate prospects, pointing to its bipartisan appeal, especially in Pennsylvania’s politically divided legislature. He emphasized, “A bill focused on the right to financial freedom should resonate across the political spectrum.”
Some concerns were raised by lawmakers unfamiliar with blockchain or concerned about Bitcoin’s environmental impact. Cabell clarified, “The 26 ‘no’ votes largely came from members less informed about blockchain technology, along with some environmental concerns about Bitcoin.”
With an estimated 1.5 million Pennsylvanians—about 12% of the population—holding digital assets, the bill has the potential to influence many constituents. Cabell, optimistic about the bill’s Senate passage, underscored the need to understand blockchain’s potential and bring regulatory clarity for Pennsylvanians involved in digital asset transactions.
As the bill advances, it signifies a pivotal moment for Bitcoin regulation within Pennsylvania and potentially sets a precedent for other states to follow.