Pennsylvania House of Representatives votes in favor of pro-Bitcoin bill

The Pennsylvania House of Representatives has just voted 176 to 26 in favor of the "Bitcoin Rights Bill". 76 of the 176 votes came from Democrats, who tend to be more anti-crypto, underlining the general pro-Bitcoin shift in US politics. All 100 Republican members of the Pennsylvania House of Representatives backed the bill.

"In such polarizing times, it’s great to see both sides of the aisle come together to further innovation and prioritize security for Pennsylvanians who own and transact with cryptocurrency," Mike Cabell, Republican Congressman from Pennsylvania, sponsor of the bill and long-time Bitcoin investor, told FOX Business.

The bill aims to establish a regulatory framework for Bitcoin and Co. in the US state. The "Bitcoin Rights Bill" must now be signed by the Pennsylvania Senate and then by Governor Josh Shapiro in order to become law - but these hurdles should be easy to overcome.

House Bill 2481, also known as the "Bitcoin Rights Bill", protects the rights of residents to self-custody of digital assets, ensures the use of Bitcoin and Co. as a means of payment and contains explicit guidelines on the taxation of Bitcoin transactions.

While the national regulation of Bitcoin and cryptocurrencies is still unclear, individual states are increasingly forging ahead. Pennsylvania is of particular importance here, as it is the only state in which bipartisan approval is currently always required for bills to become law.

Around 1.5 million people in Pennsylvania own digital assets. This corresponds to around 12 percent of the population. The "swing state" could also decide the US presidential election. In this election, Bitcoin-friendly Republican Donald Trump is running against Democrat Kamala Harris, who has also pledged her support for the sector.

It remains to be seen how the political landscape in the US will develop with regard to Bitcoin and cryptocurrencies in the coming months and years. At the moment, everything looks as if the world's most relevant economy will welcome the asset with open arms.