The slow march to regulatory clarity for cryptocurrencies continues as the Pennsylvania House of Representatives recently passed a bipartisan Bitcoin rights bill ahead of the November elections. House Bill 2481 received bipartisan support in a vote on Wednesday, passing by a blowout margin of 176 to 26. It sets the stage for the state to implement a regulatory framework protecting self-custody and crypto payments, exempting digital assets from additional taxation, and asserting the right to operate a node.
A total of 76 Democrats approved the measure, along with all 100 Republican members of the Pennsylvania House of Representatives. The bill is not yet set in stone, however, as it must still be approved in the Pennsylvania Senate and signed by Pennsylvania Governor Josh Shapiro to become law.
“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,” Republican Pennsylvania state Rep. Mike Cabell, the bill’s sponsor and a long-time Bitcoin investor, told FOX Business.
“A bill geared towards the right to financial freedom should be bipartisan,” he added. “The 26 ‘nos’ came from members with less of an understanding about blockchain technology and some others with concerns about bitcoin’s effects on the environment.”
The measure was crafted with the support of the Bitcoin (BTC) advocacy group Satoshi Action Fund (SAF). “Support for Bitcoin transcends traditional party lines, appealing to voters who prioritize economic freedom, technological innovation, and digital privacy,” said Dennis Porter, co-founder and spokesperson for the SAF. “Bitcoin also provides a pathway to escape CBDCs, an issue top of mind to many voters.” The SAF has been instrumental in helping 20 other states write and pass similar legislation, with four bills becoming law in Oklahoma, Louisiana, Montana, and Arkansas.
“Bitcoin adoption is expanding, creating a new and motivated voter base actively searching for political allies who support financial freedom and innovation. Currently, they do not have a home,” Porter said. “Bitcoin voters tend to be highly engaged and vocal about their political preferences, meaning their turnout could be disproportionately high compared to their numbers. Bitcoiners are highly entrenched to vote in favor of politicians who support bitcoin.”
“Politicians who take early and decisive action on Bitcoin rights will benefit from being seen as leaders in a growing, transformative movement, potentially winning the loyalty of voters looking for bold, visionary leadership,” he added. “With 12 days left until the most important Bitcoin election of our lifetime, now is the chance for both @realDonaldTrump and @KamalaHarris to apply pressure within their parties to ensure this bill makes it across the finish line.”
The vote carries extra weight in the eyes of crypto holders, as Pennsylvania is a crucial state for both Republicans and Democrats in the upcoming election. Roughly 12% of the 13 million people who reside in the state say they are holding crypto.
Pennsylvania is consistently one of the most competitive swing states in presidential elections, with both parties vying for its critical electoral votes,” Porter noted. “Pennsylvania holds 19 electoral votes, a significant prize that could tip the balance in a tight race.”
In 2016, President Trump won the state by just 0.7%, while President Biden won the state by a little more than 1% in 2020. “Pennsylvania is a critical state to win on the path to the Oval Office,” Porter said. “The state features a politically diverse electorate, ranging from urban, suburban, and rural voters, making it a true test of a candidate’s ability to appeal across demographics.”
“The state has a significant number of independent and moderate voters who could be swayed by key policy positions, making it a critical battleground for both parties,” he added. “In addition to its pivotal role in recent elections, Pennsylvania’s importance is further highlighted by figures like Elon Musk, who has been spending time in the state, recognizing its strategic significance for shaping national dialogue & influencing the 2024 election outcome.”
“Pennsylvania can be decided by a very small fraction of the electorate. There is no better time to demonstrate leadership on Bitcoin,” Porter concluded. “Demonstrating leadership here can garner valuable votes that could make the difference on Nov 5th and determine who sits in the Oval Office in 2025.”
