The Pennsylvania General Assembly recently passed House Bill 2481, known as the Digital Assets Authorization Act, on October 22, 2024. This bill introduces a legal framework for decentralized digital assets, allowing for broader usage of cryptocurrencies such as Litecoin (LTC) and Bitcoin (BTC). While the bill doesn't explicitly mention these assets by name, it establishes crucial legal definitions and protections for "digital assets," which include decentralized cryptocurrencies. Some are calling this a Bitcoin Rights Bill, but seems to be also a Litecoin Rights Bill.
With this legislation, Pennsylvania opens the door for digital assets to be used more freely, particularly as the bill ensures the protection of self-custody and the operation of nodes. These nodes run Bitcoin and/or Litecoin software, allowing users to choose which version they want to operate. This decentralization is crucial, as it validates and maintains the transaction ledger.
Even a run a node t-shirt is available at the 84million litecoin shop.
The law acknowledges the importance of blockchain protocols and decentralized networks, guaranteeing users the ability to run Litecoin and Bitcoin nodes without government intervention. This strengthens the concept of decentralization.
The bill’s passage follows the growing trend of regulatory clarity for digital assets across the United States. Much like how Bitcoin has gained institutional traction with the approval of ETFs, Litecoin is now positioned to gain greater mainstream adoption with its most recent Litecoin ETF filing two weeks ago, particularly as states like Pennsylvania take steps to establish a legal framework for its use. With Litecoin’s fast transaction times and increasing use in payment networks like BitPay, this legal recognition could further solidify its role as a practical, everyday cryptocurrency.
For those interested in the full details of Pennsylvania's Digital Assets Authorization Act, you can review the legislative text here.
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