Pennsylvania became the latest state to pass crypto legislation this week when it approved a bill that supports the right to self-custody digital assets, enables Bitcoin payments and establishes clear rules for taxing transactions.  

Known as the Bitcoin Rights bill, it was enacted with bipartisan support, receiving 176 votes for and 26 against. Pennsylvania is a key swing state in the 2024 U.S. presidential election, with 1.4 million crypto holders.

The bill was developed by Bitcoin advocacy organization The Satoshi Action Fund and sponsored by State Representative Mike Cabell. 

“In the absence of a comprehensive federal regulatory framework, the states continue to take a proactive approach, including in Pennsylvania,” Ji Hun Kim, chief legal & policy officer at the Crypto Council for Innovation, said in an interview. “We need clear, fit-for-purpose rules of the road.”

Other states such as Wyoming and Colorado have passed laws giving protection to digital assets and decentralized forms of organizing companies.  

The bill will now go to the state Senate for a vote.