That’s why the Pennsylvania House of Representatives passed the Digital Assets Authorization Act last month, 176-26. It described rights for using cryptocurrency and storing it, such as the right to self-custody, via hardware or self-hosted wallets, and clamped state and local prohibitions on sending and receiving digital assets for ordinary goods and services. The measure confirms that transactions with digital assets are taxed no differently than transactions with US dollars, and no tax is assessed on the income earned in the transactions.
Bipartisanship at a national level on cryptocurrency regulation suggests an affinity for regulation across the board, reminiscent of the even distribution of crypto ownership among US political party supporters. This isn’t to say all is well, as the 26 Democratic ‘No’ votes next to a unanimous Republican ‘Yes’ column indicates. A DCG and Harris Poll survey found that a majority of voting-age people in Pennsylvania and other swing states between 2018 and 2020 view cryptocurrency policy as ‘extremely important’ – with slightly more crypto-positive voters indicating that it is important whether a candidate supports crypto or not.
The law will take effect 60 days after enactment to give businesses and governmenta adequate transition period, and it specifies that the new law doesn’t apply to any CBDCs. It stipulates that the ‘current regulatory and consumer protection frameworks under federal and state law remain intact’, and will make Pennsylvania the third crypto-friendly state legislation to pass, after Louisiana. The House Appropriations Committee wrote in a memo accompanying the bill that the new law ‘will not create additional government spending’.
Source: Forbes
