Rep. Cabell’s ‘Digital Assets Authorization Act’ bill gains House approval

WILKES-BARRE — Rep. Mike Cabell said on Thursday that more than 1.5 million Pennsylvania residents own some form of digital asset, and his proposed bill would create clear rules for using block-chain and digital assets — ensuring security and encouraging innovation.

Cabell’s legislation that aims to protect the rights of Pennsylvanians to control and spend digital assets was passed by the House of Representatives with bipartisan support on Wednesday.

Cabell, R-Butler Township, said House Bill 2481 — also known as the Digital Assets Authorization Act — now moves to the Senate for consideration.

“This approach will make it easier for our citizens and businesses to use and benefit from this growing form of technology,” said Cabell.

House Bill 2481 would ensure that individuals and businesses can accept digital assets, such as Bitcoin and Stablecoins, as payment for goods and services, exempt these transactions from new taxes, and keep their digital assets secure.

“By enacting this legislation, we can make the Commonwealth a friendly place for block-chain innovation and provide our citizens with the tools to engage in the digital economy safely,” Cabell added.