Countdown to the U.S. Presidential Election | Pennsylvania Passes "Bitcoin Bill," Cryptocurrency Becomes Key in Swing State

As the U.S. presidential election approaches, both Trump and Harris are actively seeking support from the cryptocurrency industry and related individuals. They are also paying close attention to swing states that could determine the election outcome. Particularly, Musk's million-dollar plan has increased the visibility of these swing states significantly.

However, with the U.S. government's regulatory stance on cryptocurrency still unclear, the swing state of Pennsylvania recently passed the "Bitcoin Rights Act," aimed at protecting the digital assets of residents in the state. The act emphasizes the legality of Bitcoin transactions and self-custody. This legislation has sparked discussions locally and could have significant implications on cryptocurrency policies in other states and at the national level.

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Bitcoin Rights Bill: Safeguarding Residents' Digital Asset Rights

Pennsylvania, a crucial swing state for the 2024 presidential election, is home to 1.5 million cryptocurrency holders, accounting for approximately 12% of the state's population, potentially playing a key role in the election. The Pennsylvania House of Representatives recently passed the "Bitcoin Rights Bill" aimed at protecting residents' self-custody rights of digital assets within the state, explicitly granting the legal right to use Bitcoin for payments, and providing tax guidance on Bitcoin transactions. The bill only saw 26 votes against it, ultimately passing overwhelmingly with 176 votes and garnering bipartisan support.

Debate on Environmental Issues and Technological Understanding

While the bill passed in the end, there were still 26 lawmakers who dissented, with some primarily not fully understanding blockchain technology, while others expressed concerns about the potential environmental impacts of Bitcoin mining.

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Satoshi Action Fund: Propelling Cryptocurrency into the Mainstream

This bill was advocated by the Satoshi Action Fund (SAF), whose goal is to assist in state legislation to legalize Bitcoin and integrate it into mainstream payment systems. SAF has already assisted in promoting similar bills in 20 states, with Bitcoin Rights Bills in 4 states - Oklahoma, Louisiana, Montana, and Arkansas - having been passed.

State Governments Take the Lead Amid Federal Regulatory Confusion

Although the U.S. federal government has yet to clearly define whether digital assets other than Bitcoin and Ethereum are considered securities, Pennsylvania's move demonstrates that state governments are more proactive than the federal government in enforcement. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) each have their own responsibilities in regulating digital assets, leading to fragmented regulation, allowing states to legislate and fill gaps in federal regulations.

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