The Pennsylvania House of Representatives has successfully passed a bill that could have a significant impact on the use of digital assets within the state. Known as House Bill 2481, or the Bitcoin Rights Bill, it received bipartisan support with 176 votes in favor and 26 against. The bill will now move on to the state Senate for further consideration, as reported by Fox Business.
Initiated by the nonprofit organization Satoshi Action Fund, the bill aims to establish legal clarity surrounding the ownership and usage of cryptocurrencies. It allows residents to have full control over their digital assets by enabling them to self-custody their Bitcoin (BTC) and other cryptocurrencies, eliminating the need for reliance on third-party services like exchanges.
In addition, the bill permits the use of Bitcoin for payments, potentially revolutionizing the way businesses and individuals conduct transactions using the cryptocurrency.
For those unfamiliar with the concept, self-custody means directly owning your digital currency, granting you complete authority over your assets. Using exchanges involves trusting them to store and manage your assets, while self-custody places that responsibility in the hands of the individual.
Bitcoin, being a decentralized currency, operates without a central authority, and this bill aims to increase its acceptance in Pennsylvania.
If the Senate passes this legislation, it could indicate a growing acceptance of digital currencies at the state level, while the federal government continues to grapple with crypto regulation.
Pennsylvania’s decision aligns with similar efforts in other states such as Oklahoma and Louisiana, which have already enacted comparable laws.
In other news, Skyfire, a company focused on building an artificial intelligence payment network, has successfully raised $9.5 million in funding to support its endeavors.