Senator Chris Gebhard’s bill aimed at safeguarding users of virtual currency has moved closer to becoming law following its approval by the Pennsylvania House of Representatives. Senate Bill 202 proposes a statutory framework to protect consumers using virtual currencies, such as Bitcoin and Ethereum, by treating their transmission like traditional money under Pennsylvania’s Money Transmitter Act.
Gebhard highlighted the necessity for oversight due to increased criminal activity using virtual platforms, notably after the collapse of FTX. “By treating virtual currencies the same as traditional money under the MTA, this will ensure individuals can engage with virtual currencies at their own discretion while having safeguards enshrined into law for the consumer,” Gebhard stated.
The bill specifies that it would apply to money transmitting services charging fees but exempts individual consumer-owned virtual currency wallets. It marks a significant step towards legitimizing these digital assets as millions in Pennsylvania opt for them in financial dealings.
“I appreciate my colleagues’ bipartisan support on this legislation and helping it get to the finish line,” Gebhard said. He emphasized the importance of aligning laws with technological advancements in society.
Upon enactment, Pennsylvania will join 26 other states regulating virtual currency under similar acts.
Contact: Alex Gamble
