Amendment vs bill House Amendment A05982 vs Printer's No. PN3475

Struck = removed from the bill ยท added = the amendment's new text.

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PRINTER'S NO.
H2481B3747A05982 AJB:JMT 10/10/24 #90 A05982 AMENDMENTS TO HOUSE BILL NO.
3475 THE GENERAL ASSEMBLY OF PENNSYLVANIA HOUSE BILL Session of No.
2481 Sponsor:
2481 2024 INTRODUCED BY CABELL, KAUFER, FLICK, RYNCAVAGE, ECKER AND KUTZ, JULY 2, 2024 REFERRED TO COMMITTEE ON COMMERCE, JULY 2, 2024 AN ACT Providing for restriction on use and custody of digital assets prohibited and for use of nodes authorized.
REPRESENTATIVE LEADBETER Printer's No.
The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows:
3747 Amend Bill, page 2, by inserting between lines 5 and 6 "Decentralized." A system or network where no single entity, including a public or private entity, holds unilateral control over the governance, transactions or maintenance of the ledger, and in which consensus is achieved through a distributed network of participants.
Section 1.
Amend Bill, page 2, line 6, by inserting after "A" decentralized Amend Bill, page 2, line 7, by inserting after "a" decentralized Amend Bill, page 2, line 9, by inserting after "powers." The term does not include a central bank digital currency or any other government-controlled digital-only asset.
Short title.
2024/90AJB/HB2481A05982 - 1 -
This act shall be known and may be cited as the Digital Assets Authorization Act.
Section 2.
Definitions.
The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"Blockchain." Data that is shared across a network to create a ledger of verified transactions or information among network participants linked using cryptography to maintain the integrity of the ledger and to execute other functions and distributed among network participants in an automated fashion to concurrently update network participants on the state of the ledger and any other functions.
"Blockchain protocol." An executable software deployed to a blockchain composed of source code that is publicly available and accessible, including a smart contract or a network of smart contracts.
"Digital asset." A virtual currency, cryptocurrency, native electronic asset, including a stablecoin or nonfungible token, or any other digital-only asset that confers economic, proprietary or access rights or powers.
"Hardware wallet." A physical device that is not continuously connected to the Internet and allows an individual to secure and transfer a digital asset and under which the owner of the digital asset retains independent control over the digital asset.
"Node." A computational device that contains and updates a copy of a blockchain.
"Self-hosted wallet." A digital interface used to secure and transfer a digital asset and under which the owner of the digital asset retains independent control over the digital asset.
Section 3.
Restriction on use and custody of digital assets prohibited.
(a) Prohibition.--The Commonwealth or a municipality may not prohibit, restrict or otherwise impair the ability of an individual to:
(1) use a digital asset to purchase legal goods or services;
and (2) maintain self-custody of a digital asset using a self-hosted wallet or hardware wallet.
(b) Additional taxation prohibited.--The Commonwealth or a municipality may not impose an additional tax, withholding, 20240HB2481PN3475 - 2 - assessment or charge on a digit asset that is based solely on the use of the digital asset as a method of payment to purchase legal goods or services.
Nothing in this subsection shall be construed to prohibit the Commonwealth or a municipality from imposing a tax, withholding, assessment or charge on a digital asset for a purchase if the tax, withholding, assessment or charge would otherwise be imposed for the purchase through the use of legal tender of the United States.
Section 4.
Use of nodes authorized.
It shall be lawful in this Commonwealth to operate a node for any of the following purposes:
(1) Connecting to a blockchain protocol or a protocol built on top of a blockchain protocol.
(2) Transferring a digital asset on a blockchain protocol.
(3) Participating in staking on a blockchain protocol.
Section 5.
Effective date.
This act shall take effect in 60 days.
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