Originally published on: October 24, 2024
In a monumental move, the Pennsylvania House of Representatives overwhelmingly passed HB-2481 on Oct. 23. This bill paves the way for a regulatory framework that safeguards self-custody and crypto payments, while also exempting digital assets from additional taxation and affirming the right to operate a node.
The bipartisan vote saw a resounding victory of 176 to 26 in favor of the bill. However, HB-2481 still awaits approval in the Pennsylvania Senate and the signature of Pennsylvania Governor Josh Shapiro before it can officially become law.
Crafted by the Bitcoin advocacy group Satoshi Action Fund, HB-2481 signifies a significant milestone for the crypto industry. Dennis Porter, co-founder, and spokesperson for the advocacy group expressed his satisfaction with the bill’s passage, highlighting the importance of clear digital asset regulations in the U.S.
Despite this progress in Pennsylvania, concerns linger over the regulatory environment for cryptocurrencies in the United States. Many believe that the U.S. is lagging behind other regions like the European Union in establishing robust regulatory frameworks for digital assets.
Tether CEO Paolo Ardoino remains optimistic about the future of crypto regulations in the U.S., anticipating improvements post the 2024 election. He criticized U.S. financial regulators for lacking coherent crypto policy and expressed hope for a more favorable regulatory landscape in the future.
Uncertainty surrounding the classification of digital assets and regulatory discrepancies among agencies have led to a mass exodus of crypto firms from the U.S. Ripple CEO Brad Garlinghouse previously warned about this trend, citing the migration of crypto companies to countries with more supportive regulatory environments.
Despite current challenges, Chairman of the Commodity Futures Trading Commission (CFTC) Rostin Behnam hinted at a more favorable stance towards digital asset policy in the near future. Behnam acknowledged that regulatory agencies are currently “handcuffed” but expressed optimism for change with the upcoming administration.
As the crypto industry navigates through regulatory hurdles, the passage of HB-2481 in Pennsylvania marks a significant step forward in creating a more conducive environment for digital assets. Stay tuned for more updates on crypto laws and guidelines by subscribing to our newsletter today!
