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Pennsylvania’s House of Representatives has approved HB-2481, a bill aiming to protect digital assets like Bitcoin from additional taxes, and legalize the operation of crypto nodes. The bill, championed by Satoshi Action Fund, must still pass the Pennsylvania Senate and gain Governor Josh Shapiro’s approval before becoming law. Many within the crypto industry hope clear guidelines on digital assets will be implemented in the US after the 2024 elections. This comes amidst concern that the US is lagging behind international peers like the EU in establishing clear crypto regulations.

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On October 23, Pennsylvania’s House of Representatives gave the thumbs up to HB-2481, a bill that aims to provide a safety net for digital assets like Bitcoin and crypto payments. The bill makes it clear that digital assets won’t be slapped with extra taxes and gives folks the right to run a node.

Even though the bill got a boatload of support in the House, sailing through with 176 for and just 26 against, it’s still got a couple more hurdles to clear before it becomes law. It needs to get past the Pennsylvania Senate and then get the nod from Governor Josh Shapiro.

A group called the Satoshi Action Fund, who are major cheerleaders for Bitcoin, are behind HB-2481. Dennis Porter, who co-founded the group and speaks for them, said after the bill passed that Bitcoin gets support from folks across political lines. He pointed out that it appeals to voter values like economic freedom, tech innovation and digital privacy and offers an escape route from Central Bank Digital Currencies, something many voters are thinking about.

Crypto supporters are desperate for the US to put some clear rules in place for digital assets. However, bigwigs in the industry are worried that the US is dragging its heels compared with other parts of the world like the EU, who already have clear guidelines established.

The question on everyone’s lips is whether clear crypto guidelines will be brought in after the elections in 2024. Recently, Paolo Ardoino, the big boss at Tether, expressed his hope that things would get better in the US post-election, while criticizing US financial overseers for dropping the ball when it comes to crypto policy.

The confusion comes from disagreements between agencies over how to categorize digital assets, which leaves the status of this new class of assets in limbo in the States. This uncertainty has resulted in a lot of crypto companies packing their bags and leaving the country. Back in 2023, Brad Garlinghouse, Ripple’s CEO, warned that US crypto firms were already heading for the exit, picking countries like Japan, Singapore, Australia, the UK, and Switzerland as their new bases because they have clearer rules.

Adding to the difficulties is the fact that the Commodities Futures Trading Commission (CFTC), the body that oversees digital asset policy, are in a bind. Despite this, the Chairman of the CFTC, Rostin Behnam, is hopeful that things will change with the next administration.

Source: Cointelegraph