Crypto legislation in Pennyslvania
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Pennsylvania's state House has passed legislation that would give cryptocurrency an unambiguous green light in the Keystone State, if the Senate concurs.
Why it matters: It's the latest of several states to pass measures that protect the right of its residents to hold cryptocurrency and transact in it.
Context: The legislation passed out of the state's House Commerce Committee on Oct. 9.
- In that same meeting, Rep. Scott Conklin (D), the committee chair, ran two pieces of legislation on cryptocurrency, one bill from each party. Both passed out of committee, but the Democratic-sponsored bill has gone no further, so far.
What they're saying: "My thought and my leadership's thought was: Let's start this conversation," Conklin tells Axios.
- "Crypto is changing the world," he said. He's not sure if the public should be scared about it or excited, but he said it's time for lawmakers to start having a conversation, so he thought the best way to do that was to let a bill from each party move.
In the weeds: The legislation is short, with only a few simple provisions.
- It affirms the right to transact in digital currency and to hold it using a self-custody system.
- It restricts the state or municipalities from levying special taxes on cryptocurrency transactions.
- It confirms that it is lawful to operate blockchain nodes in the state.
The other side: The other piece of legislation (HB 2081), sponsored by Rep. Ben Waxman (D), concerns cryptocurrency lenders.
Behind the scenes: The lead author of the legislation that advanced, (HB 2481), was Rep. Mike Cabell (R), with five other Republicans.
- It passed the House 176-26. The Pennsylvania House is very narrowly controlled by the Democratic party.
- Cabell did not respond to a request for comment from Axios.
The legislation follows similar moves in Arkansas, Louisiana, Montana and Oklahoma, which have each enacted laws on the rights of crypto users.
Fun fact: Last week, Ethereum founder Vitalik Buterin and Bitcoin investor Michael Saylor sparred on social media over the importance of self-custody.
😬 Our thought bubble: Denigrating self-custody is a... very weird look for a Bitcoiner.
