On Wednesday, a new bipartisan bill sponsored by Pennsylvania state representative Mike Cabell was passed in the Keystone State safeguarding Pennsylvanians' right to manage their own cryptocurrency and use bitcoin as a potential payment method.

“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,” said Cabell.

The bill, known as the Digital Assets Authorization Act, was passed by a 176-26 vote.

The legislation offers regulatory clarity at a time when federal regulations on digital assets are scant. While former president Donald Trump has promised to transform the United States into the "crypto capital of the planet," his vision is short on details.

“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,” Cabell added.

Pennsylvania joins other states like Utah and Wyoming in crafting rules for the fast-growing crypto industry, now valued at more than $2.42 trillion. In Wyoming, similar legislation allows for the creation of crypto-focused banks and exempts crypto from certain regulations, like money transmission licensing requirements.

Pennsylvania has a large swath of crypto voters that may play a pivotal role in the upcoming 2024 presidential election. “Pennsylvania is the most important battleground state in the presidential race, and the outcome could hinge on a small handful of voters,” said Satoshi Action Fund founder Dennis Porter.

House Bill 2481 now awaits a vote by the Pennsylvania Senate.