Democratic trifecta state rumored to introduce a Bitcoin Rights Bill

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As a researcher with a keen interest in both politics and cryptocurrency, I find this development incredibly intriguing. Having closely followed the evolving relationship between Bitcoin and political landscapes, I can confidently say that Dennis Porter’s claim is significant if proven true.

According to Dennis Porter, who co-founded Satoshi Action Fund, there are plans by a Democratic legislator to introduce a bill called the “Bitcoin Rights Bill”. This bill is intended to uphold the rights of individuals who own Bitcoin in states where Democrats hold control over both the executive and legislative branches, often referred to as a Democratic trifecta state.

A recent post on X states that the CEO of Satoshi Action Fund asserts that a Democrat legislator from a state with Democratic control is planning to present a Bitcoin Rights Bill. If this information checks out, it would mark an unprecedented instance in history where a Democratic trifecta state passes legislation enabling self-custody for Bitcoin (BTC) owners.

Porter stated that this action is crucial and may reshape the political landscape of Bitcoin for many years.

On October 24th, the Pennsylvania House of Representatives approved a legislation called the “Bitcoin Rights Act.

This proposed legislation, put forth by the Satoshi Action Fund, sets guidelines for handling and utilizing cryptocurrencies. It grants residents the ability to personally manage their digital assets, implying they can possess Bitcoin and other virtual currencies independently of third-party platforms such as crypto exchanges.

In the month of January, a bill was presented in the Virginia State Senate as well, aiming to safeguard Bitcoin miners and uphold the right to self-custody for Bitcoin owners.

In terms of political balance, both Pennsylvania and Virginia have reputations for being bipartisan states. Currently, we have 17 states categorized as Democratic strongholds, where the governor, state legislature, and supreme court are all Democrats. This group includes California, Delaware, Illinois, Hawaii, New York, and Washington, among others.

Porter continues to highlight the significant function of Bitcoin as a “neutral technology,” given the approaching U.S. presidential election in November. He suggests that both political parties should acknowledge and embrace the possibilities that Bitcoin might bring about in the future.

BREAKING NEWS: It has been verified that, for the first time in the United States, a Democrat legislator from a state where Democrats hold power (a Democrat trifecta) will propose legislation to safeguard the interests of Bitcoin users.

— Dennis Porter (@Dennis_Porter_) October 29, 2024

In the realm of cryptocurrencies, I find it fascinating how both political contenders have found common ground in discussing its potential. As a crypto investor, I see Bitcoin as a unique tool that could potentially foster unity amidst the Democratic-Republican divide, paving the way for groundbreaking innovations in the future.

According to Porter, it’s crucial that the USA gains significant advantages from Bitcoin, and this can only happen if both parties fully adopt the technology. That’s why the news about ‘Bitcoin Rights’ being considered in a democratic state is quite significant.

A survey conducted by Digital Chamber, named “American Opinions on Cryptocurrency Policies and Their Impact on Voting,” found that approximately 16% of respondents would support a pro-cryptocurrency candidate. These supporters are categorized as part of the “Crypto Voting Bloc,” which is estimated to consist of around 26 million voters, encompassing both Republicans and Democrats.

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2024-10-30 14:56