The Pennsylvania House of Representatives passes a new bipartisan crypto bill that protects customers’ self-custody rights, establishes Bitcoin (BTC) as a valid payment method and provides clear guidance on how BTC transactions should be taxed.
According to new documents, the Pennsylvania House passed the bill – known as the “Bitcoin Rights Bill” – earlier this week with the support of both Democrats and Republicans, meaning it is now headed to the Senate for further consideration.
“The Commonwealth or any municipality shall not prohibit, restrict or otherwise impair the ability of any individual or corporation to do any of the following:
1) Accept digital assets as payment for legal goods and services. 2) Maintain self-management of a digital asset using a self-hosted wallet or hardware wallet…
The Commonwealth or a municipality may not impose an additional tax, withholding, assessment or levy on a digital asset based solely on the use of the digital asset as a means of payment for the purchase of lawful goods or services.”
The bill further stipulates that the government may use a node – or a computing device that contains and updates a copy of a blockchain – for a variety of purposes, including the transfer of digital assets.
“It shall be lawful in this Commonwealth to operate an interchange for any of the following purposes:
1) Connect to a blockchain protocol or a protocol built on top of a blockchain protocol. 2) Transferring a digital asset via a blockchain protocol.”
The bill was originally drafted by the Satoshi Action Fund (SAF), a BTC advocacy group that has helped numerous other states create crypto-related laws.
Bitcoin is trading at $67,687 at the time of writing, up marginally over the past 24 hours.
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