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Co-founder of Satoshi Action Fund, Dennis Porter, claims a Democratic lawmaker is planning to introduce legislation that would protect the rights of Bitcoin holders in a Democratic trifecta state, known as the Bitcoin Rights Bill.
According to a post by the CEO of Satoshi Action Fund, a Democrat lawmaker from a Democrat trifecta state is set to unveil a Bitcoin Rights Bill. If confirmed, this would mark the first time a Democratic trifecta state releases a law allowing self-custody for Bitcoin holders.
“This is a key move that will redefine the political movement for Bitcoin for years to come,” said Porter in his post.
Recently, on October 24, the Pennsylvania House of Representatives passed a bill known as the Bitcoin Rights Bill. This legislation, introduced by the non-profit Satoshi Action Fund, regulates cryptocurrency ownership and usage. It allows residents to hold self-custody over their digital assets, meaning they can hold Bitcoin and other cryptocurrencies without relying on third-party services like crypto exchanges.
In January, the Virginia State Senate also introduced a bill that protects Bitcoin miners and ensures self-custody rights for Bitcoin holders.
Pennsylvania and Virginia are both known as bipartisan states. At the time of writing, there are 17 states classified as Democratic trifectas, including California, Delaware, Illinois, Hawaii, New York, and Washington among others.
Porter emphasizes the important role Bitcoin holds as a “non-partisan technology,” especially as America prepares for its upcoming presidential election. He believes that both sides should recognize Bitcoin’s future potential.
“In order for the USA to greatly benefit from Bitcoin, both sides must embrace the technology, which is why the news of ‘Bitcoin Rights’ making its way through a deep blue state is so important,” said Porter.
A survey titled “Americans’ Views on Crypto Policies and Their Effects on Voting” revealed that 16% of respondents would vote for a pro-crypto candidate. These voters belong to the “Crypto Voting Bloc,” which comprises an estimated 26 million voters, including Republicans and Democrats.
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