Luzerne Times

Legislation aimed at safeguarding the rights of Pennsylvanians to manage and utilize digital assets has passed the House of Representatives with bipartisan support. The bill, known as the Digital Assets Authorization Act, was introduced by Rep. Mike Cabell (R-Luzerne) and will now proceed to the Senate for further consideration.

Rep. Cabell emphasized the significance of this legislation, stating, "More than 1.5 million Pennsylvania residents own some form of digital asset. My bill would create clear rules for using blockchain and digital assets, ensuring security and encouraging innovation. This approach will make it easier for our citizens and businesses to use and benefit from this growing form of technology."

House Bill 2481 seeks to enable individuals and businesses in Pennsylvania to accept digital assets like Bitcoin and Stablecoins as payment for goods and services without imposing new taxes on these transactions. It also aims to enhance the security of digital assets.

Cabell highlighted the potential benefits of the bill, saying, "By enacting this legislation, we can make the Commonwealth a friendly place for blockchain innovation and provide our citizens with the tools to engage in the digital economy safely."

The next step is for the Senate to review and decide on this proposed legislation.