Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Pennsylvania Passes "Bitcoin Rights" Bill and Considers Strategic Bitcoin Reserve Amid Criticism and Potential Economic Benefits

Pennsylvania Passes "Bitcoin Rights" Bill and Considers Strategic Bitcoin Reserve Amid Criticism and Potential Economic Benefits

CointimeCointime2024/11/21 11:33
By:Cointime

Pennsylvania has passed the "Bitcoin Rights" bill, which protects the rights of individuals and businesses to self-custody digital assets, operate blockchain nodes, and conduct transactions without interference from restrictive municipal ordinances. This move establishes Pennsylvania as a leader in digital asset regulation and demonstrates its commitment to fostering innovation in the sector while addressing issues such as economic empowerment and financial inclusion. Additionally, two Republican Representatives have introduced the Strategic Bitcoin Reserve Act, which would allow the state treasurer to allocate up to 10% of Pennsylvania's funds into bitcoin and crypto-based exchange-traded products. However, critics have raised concerns about the risks of holding bitcoin in government reserves, including extreme price volatility and security vulnerabilities, as well as environmental concerns related to bitcoin mining's energy consumption. Despite this, Pennsylvania's proactive approach to fostering a crypto-friendly environment positions the state as a model for equitable digital asset adoption and underscores the growing role of state governments in shaping the future of the digital economy.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Ahead of Trump's inauguration, experts weigh in on a 'pivotal moment' for crypto

Donald Trump will be sworn in as the 47th President of the United States later today, representing a “pivotal moment” for the crypto industry, according to experts.Establishing a bitcoin strategic reserve and commuting the sentence of Silk Road creator Ross Ulbricht are among the executive orders speculated for Trump’s first day.

The Block2025/01/20 17:55

'Trump inauguration euphoria' prompts $2.2 billion in crypto fund flows and AUM all-time high: CoinShares

Global crypto investment products attracted net inflows of $2.2 billion last week amid “Trump inauguration euphoria,” according to asset manager CoinShares.Last week’s inflows and positive price action were enough to propel total assets under management to an all-time high, CoinShares Head of Research James Butterfill noted.

The Block2025/01/20 17:55