PA Passes Landmark Bitcoin Rights Bill
PA Passes Landmark Bitcoin Rights Bill
Plus Microsoft may be investing in Bitcoin soon pending a shareholder vote.
TylerD's Market Summary
GM!
Today's top news:
Crypto majors up 1%, BTC leads at $68k
Microsoft discloses potential investment in BTC
PA passes major Bitcoin rights bill
US govt wallet seemingly hacked for $20M
Kraken introduced Ink L2 on Optimism Superchain
💰 Pennsylvania Passes Digital Assets Bill
Crypto regulatory clarity may actually be coming.
Thanks to the states.
What Happened
On Wednesday, the Pennsylvania House of Representatives passed House Bill 2481, dubbed the Bitcoin Rights bill, by an overwhelming majority (176-26).
The bill is designed to provide regulatory clarity for digital assets:
ensures right to self-custody
allows use of Bitcoin for payments
provides clarity on taxing BTC transactions
Crafted with support from the Satoshi Action Fund (SAF), the Bitcoin Rights bill in Pennsylvania is part of a broader push to bring blockchain regulation to the state level.
SAF has already driven similar laws in 20 other states, with four now active in Oklahoma, Louisiana, Montana, and Arkansas, aiming to set crypto guidelines (and push Bitcoin specifically) where federal action has lagged.
The bill now moves to the state Senate for consideration.
What Are They Saying
State Rep. Mike Cabell, the bill’s sponsor, said, "In such polarizing times, it’s great to see both sides of the aisle come together to further innovation and prioritize security for Pennsylvanians."
Dennis Porter, founder of the Satoshi Action Fund, emphasized that the bill represents a pivotal issue for voters in the upcoming election, adding, "The bitcoin vote represents a new, growing voter bloc actively searching for a political home."
Cabell went on to explain the "no" votes: "A bill geared towards the right to financial freedom should be bipartisan. The 26 ‘nos’ came from members with less of an understanding about blockchain technology and some others with concerns about bitcoin’s effects on the environment."
Why It Matters
This bill is a major win for crypto advocates in Pennsylvania and across the United States.
This type of regulatory clarity is needed around digital asset use, and more clarity can lead to broader adoption.
Additionally, the actions at the state level provide reassurances that crypto regulation is headed in the right direction, in an unknown federal-level environment headed into the election.
Politicians are clearly starting to realize the importance of crypto as a financial asset and its role as a political issue.
It's promising to see this bipartisan support, which bodes well for more regulatory progress across the country...
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $3.2M on the day; Solana was next with $2.8M, and then Bitcoin with $1.9M
ETH NFT leaders were mostly red; Punks even at 26.5 ETH, Pudgy -2% at 9, BAYC even at 11.7, Milady +3% at 4.84
Seedworld Vanguard (+85%) and Mounts of Seedworld (+70%) led notable top movers
BTC NFT leaders were mostly red again; NodeMonkes -2% at 0.136 BTC, Puppets -2% at 0.14 BTC, OMB -3% at 0.175, Quantum Cats -3% at 0.215
The Runes leaders flipped green; DOG +5% at $480M mc, PUPS +20% at $120M, RSIC -5% at $69M mc, BDC even at $77M
Solana NFT leaders were red again with Mad Lads -3% at 37 SOL, SMB -3% at 16.7, DeGods -1% at 13.75 and RCs -4% at 26
The Botto Sotheby's auctions ended with Lots 1 and 2 selling for $132k and $144k respectively
BattePlan! officially launched on ApeChain with over $30k in prizes for its first tournament
Magic Eden's Mint Terminal for ApeChain went live, with every new mint on ApeChain supported in that one single place
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
Kraken introduced Ink, a new L2 built via Optimism's Superchain
Magic Eden announced that its $ME test token is coming on Oct 29 for eligible users
Grass Foundation announced that the first $GRASS airdrop will take place on Oct 28
Fantasy Top introduced the viral AI account Truth Terminal as its newest Hero, and also updated its tournament constraints ahead of next week
Moonwalk Fitness announced a $3.4M raise to build out its gamified fitness platform on Solana, with participation from Binance Labs, CMS and more
Epic Games' Metalcore shared that it is migrating to Solana for Season 2
Propy launched a new crypto escrow service with Coinbase Prime, allowing users to custody BTC, ETH & USDC through the real estate process
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are slightly green; BTC +1% at $67,950; ETH +1% at $2,540, SOL +1% at $174; Raydium a top alt mover up 6% to $775M
Memecoin majors were mostly green; DOGE +1%, SHIBA +1%, PEPE -1%, WIF +3%, BONK +2%, POPCAT -4%, and MOG -3%
Microsoft disclosed to the SEC that it is assessing investing in Bitcoin, with a vote coming in the next shareholder meeting on Dec 10
The Pennsylvania House passed a bipartisan bill clarifying rules around digital assets, including the right to self-custody Bitcoin, use Bitcoin for payments and provide clarification on BTC taxes
Arkham reported that the US government moved $20M in funds which appears to have been a hack / theft
Kalshi shared demographic data for election betting on its platform showing that 65% of female bettors bet on Trump, disputing claims that Trump's lead is due to "mostly young men" participating
The Retail Alliance Network is bringing the Trillion-dollar gift card industry onchain with SmartCards, which use smart contracts to upgrade outdated systems, personalize rewards and more
Base's Onchain Kit introduced "Checkout" as a component which allows for one-click USDC checkout with instant settlement and no gas
Coinbase was announced as an official partner of the Canadian Football League (CFL), following news of its Golden State Warriors sponsorship
🚀 Memecoin Movers
$Tate (+20,000% to $15M market cap, SOL)
$MOODENG (+120% to $160M market cap, SOL)
$MANYU (+120% to $7M market cap, SOL)
$PESTO (+300% to $3.6M market cap, SOL)
$NEIRO (+15% to $690M market cap, ETH)
📈 NFT Floor Price Increase (ETH)
Seedworld Vanguards (84%, 0.21 ETH Floor)
Mounts of Seedworld (70%, 0.3 ETH)
Imaginary Ones (42%, 0.33 ETH)
Fijis (31%, 0.07 ETH)
Hedz (29%, 1.75 ETH)
🗓 Upcoming Mints and Events
Today is a slower day of mints to end the week.
Voxelqueen is the meme card artist as the primary highlight.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Kaminari Clan (10:00 a.m. ET)
Memes by 6529 (11:00 a.m. ET)
BTC Helios (12:00 p.m. ET)
roots (12:00 p.m. ET)
Pooksa The Dog (1:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.