In a major move for the crypto industry, the Pennsylvania House of Representatives has passed HB-2481, a bill that supports self-custody of digital assets, enables crypto payments, and exempts digital assets from extra taxes. The bill also establishes the right to operate a crypto node within the state.
With overwhelming bipartisan support, the bill passed by a vote of 176 to 26. It now moves to the Pennsylvania Senate, where it must pass before being signed by Governor Josh Shapiro to become law.
Key Support from Bitcoin Advocacy Groups
The bill, written by the Bitcoin advocacy group Satoshi Action Fund, emphasises economic freedom and privacy rights. Dennis Porter, co-founder and spokesperson for the group, commented on the bill’s passage.
Crypto Groups Push for Clarity in US Regulations
Crypto advocates are calling for clearer, more consistent regulations for digital assets in the US. Industry leaders have voiced concerns that the US is lagging behind regions like the European Union, which have clearer crypto regulations.
Tether CEO Paolo Ardoino recently expressed optimism that US crypto policies will improve after the 2024 election. However, he was critical of the current regulatory landscape, saying US regulators have “dropped the ball” on crypto policy.
The ongoing debate between US regulatory agencies over how to classify digital assets continues to create confusion and is driving crypto firms to other countries. In 2023, Ripple CEO Brad Garlinghouse noted that many US-based crypto companies were relocating to more crypto-friendly countries like Japan, Singapore, Australia, the UK, and Switzerland due to this uncertainty.
CFTC Chairman Highlights Challenges in Digital Asset Policy
At an Oct. 19 Securities Industry and Financial Markets Association meeting, Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), shared that his agency feels “handcuffed” on digital asset policy. Behnam expressed hope that the next administration would bring about a shift in regulatory clarity.
With the upcoming Senate review of Pennsylvania’s HB-2481 and the possibility of future changes in US crypto regulation, the industry could see a shift towards clearer, more supportive policies. For now, states like Pennsylvania are taking the lead, demonstrating the growing acceptance of digital assets in the US legislative landscape.
