Originally published on: October 24, 2024
In a significant move towards embracing cryptocurrency, the Pennsylvania House of Representatives voted in favor of HB-2481 on Oct. 23. This new bill aims to establish a regulatory framework that protects self-custody and crypto payments, exempts digital assets from additional taxation, and asserts the right to operate a node.
The bipartisan support for HB-2481 is evident as it passed with a resounding 176 to 26 margin. However, the bill still needs approval from the Pennsylvania Senate and Governor Josh Shapiro to be enacted into law.
Crafted by the Bitcoin advocacy group Satoshi Action Fund, HB-2481 has garnered attention from various sectors. Dennis Porter, the co-founder and spokesperson for the advocacy group, expressed optimism following the bill’s passage, emphasizing the need for clearly defined digital asset regulations in the United States.
While the US struggles to solidify its crypto regulations, other jurisdictions such as the European Union have taken decisive steps in establishing regulatory frameworks. This discrepancy has led some industry executives to voice concerns about the US falling behind in the global crypto race.
Paolo Ardoino, the CEO of Tether, remains hopeful that crypto regulations in the US will improve post the 2024 election. He criticized US financial regulators for their lack of coherent crypto policy, suggesting that they have “dropped the ball” in this regard.
The uncertainty surrounding the classification of digital assets and regulatory disagreements among US agencies continue to create challenges for the crypto industry. This ambiguity has prompted several crypto firms to relocate to more favorable jurisdictions like Japan, Singapore, Australia, the United Kingdom, and Switzerland.
As the US grapples with regulatory woes, the Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, acknowledged the agency’s limitations in crafting digital asset policy. However, Behnam expressed optimism that this situation could change with the next administration, signaling potential shifts in the regulatory landscape.
The approval of HB-2481 in Pennsylvania marks a significant milestone in the state’s approach to cryptocurrency regulation. Stay updated on the latest developments in the crypto industry by subscribing to our newsletter for insightful articles and updates. Subscribe now to make informed decisions for your crypto ventures.