Originally published on: October 24, 2024
In a groundbreaking move, the Pennsylvania House of Representatives recently approved the passage of HB-2481 on October 23. This bill aims to create 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.
With a resounding bipartisan vote of 176 to 26, HB-2481 now moves on to the Pennsylvania Senate for further approval. Once passed by the Senate and signed by Governor Josh Shapiro, this bill will become law, marking a significant victory for the crypto community.
Crafted by the Bitcoin advocacy group Satoshi Action Fund, HB-2481 has garnered support from industry leaders. Dennis Porter, co-founder, and spokesperson for the advocacy group, emphasized the importance of clear digital asset regulations in the United States, echoing the sentiments of many within the industry.
As the US grapples with defining its stance on cryptocurrencies, concerns have been raised about falling behind other jurisdictions like the European Union. Tether CEO Paolo Ardoino remains optimistic about future crypto regulations in the US post-2024 election, highlighting the need for a cohesive policy framework.
Despite regulatory uncertainties, the digital asset class continues to evolve, prompting some US-based crypto companies to consider relocating to more crypto-friendly jurisdictions. Ripple CEO Brad Garlinghouse previously warned of this trend, citing countries like Japan, Singapore, Australia, the UK, and Switzerland as attractive alternatives.
The ongoing inter-agency discord over digital asset classification further complicates the regulatory landscape in the US. However, as Chairman Rostin Behnam of the Commodity Futures Trading Commission (CFTC) indicated, changes are on the horizon. Behnam anticipates a shift in digital asset policy with the next administration, offering hope for more clarity in the crypto space.
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