Legislative effort to define Bitcoin as money stalls in Pennsylvania

Regulation | January 5, 2016 By:

According to state representative Adam Harris the planned hearings on a bill to define Bitcoin as money filed last March fell to the wayside amid a budget dispute between the state legislature and Governor Tom Wolf.

“One interesting issue that the Commerce Committee has been working on is an update to the ‘money transmitters’ section of state law as it relates to virtual currency such as bitcoin. It has been a fascinating and complex issue to study, but unfortunately with the budget impasse, we have had to cancel hearings we were planning to have on this issue,” said Harris.

According to the draft text of the bill, the updated definition of money would mean a unit that “is generally recognized as a medium of exchange and shall include any form of virtual currency”.

The bill’s author, Representative Ryan Mackenzie, did not immediately respond to a request for comment.