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Pennsylvania Passes Bitcoin Rights Bill, Proposes Strategic Reserve

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Pennsylvania Passes Bitcoin Rights Bill, Proposes Strategic Reserve


Pennsylvania is stepping into the digital future with bold legislation aimed at solidifying its role as a leader in the emerging digital asset economy. On October 23, 2024, the Pennsylvania House of Representatives passed House Bill 2481—dubbed the “Bitcoin Rights” bill by Dennis Porter, co-founder of the Satoshi Action Fund—with a decisive 176–26 bipartisan vote. This legislation positions Pennsylvania among states at the forefront of digital asset regulation and underscores its commitment to fostering innovation in the sector while addressing critical issues like economic empowerment and financial inclusion.

House Bill 2481 enshrines the rights of individuals and businesses to self-custody digital assets, operate blockchain nodes, and conduct transactions without interference from restrictive municipal ordinances. Sponsored by Rep. Mike Cabell (R-Luzerne) and supported by bipartisan vote, the bill reflects a growing recognition across party lines of blockchain technology’s transformative potential.

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The vote also revealed divisions within the Democratic Party, with all 26 opposing votes coming from Democratic representatives. Nevertheless, prominent members of the Democratic party, including Majority Leader Joanna McClinton (D-Phila/Delaware) and Rep. Malcolm Kenyatta (D-Phila), backed the measure highlighting its potential to stimulate economic growth and expand opportunities for underserved communities. Their support signals a broader acknowledgment of blockchain’s role in empowering marginalized groups through equitable access to financial tools.

Building On Momentum: Strategic Bitcoin Reserve Act

Following the passage of HB 2481, Republican Representatives Mike Cabell and Aaron Kaufer introduced HB 2664 (the Strategic Bitcoin Reserve Act) on November 14, 2024. If enacted, this legislation would enable the state treasurer to allocate up to 10% of Pennsylvania’s General Fund, Rainy Day Fund, and State Investment Fund into bitcoin and crypto-based exchange-traded products (ETPs), as explained in the bill’s legislative memo. This could mean an investment of up to $970 million in bitcoin, leveraging its potential as both a hedge against inflation and a long-term growth asset, as reported by DeCrypt.

The Strategic Bitcoin Reserves Debate

The introduction of Pennsylvania’s Strategic Bitcoin Reserve Act aligns with a broader conversation about government-held cryptocurrency reserves, echoing national debates sparked by Wyoming Senator Cynthia Lummis and the Trump administration’s proposal for a U.S. strategic bitcoin reserve. The state-level initiative reflects Pennsylvania’s proactive stance, but it has also reignited concerns about the potential risks of investing public funds in bitcoin.

Proponents Highlight Benefits

Proponents argue that bitcoin’s decentralized nature and fixed supply make it a strong hedge against inflation and an asset comparable to gold. As Satoshi Action Fund CEO Dennis Porter noted in a recent CryptoSlate article, “Bitcoin aligns incentives. When incentives align, we all win.” Advocates highlight Bitcoin’s significant appreciation over time and its growing acceptance among financial institutions as a store of value.

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Supporters believe the Strategic Bitcoin Reserve Act could enhance fiscal stability by diversifying the state’s investments. The proposal mirrors broader efforts in states like Wyoming, where Lummis has championed bitcoin’s inclusion in national reserves, describing it as a safeguard against dollar devaluation and economic volatility.

Critics Raise Concerns

Despite its potential benefits, the concept of holding bitcoin in government reserves faces substantial criticism. Skeptics, including financial analysts and environmental advocates, point to the cryptocurrency’s extreme price volatility as a major risk. Bitcoin’s historical price swings—both surging and plummeting within short periods—raise questions about the stability of using it to back state or national funds.

Additionally, critics highlight security vulnerabilities in holding digital assets. High-profile breaches of institutional-grade storage solutions have underscored the risks of cyberattacks, which could make bitcoin reserves a target for bad actors. Environmental concerns related to bitcoin mining’s energy consumption further fuel opposition to public investment in the asset.

These concerns underscore parallels between Pennsylvania’s debate and the national critique of the Trump administration’s rumored executive order to formalize a U.S. bitcoin reserve. Critics have questioned whether introducing bitcoin into government holdings would expose the economy to unnecessary risk and divert resources from more stable investments. The outcome of this legislation could set a precedent, not only for other states but also for shaping the broader discourse on digital assets in fiscal policy.

Bipartisan Innovation In Action

Pennsylvania’s recent actions stand out in a national landscape often marked by federal gridlock and partisan divides on crypto policy. The state’s forward-looking approach mirrors pioneering efforts in Wyoming, Texas, and Florida. The bipartisan support for HB 2481 and subsequent legislative proposals like the Strategic Bitcoin Reserve Act demonstrate the economic promise lawmakers on both sides of the aisle see in blockchain technology. By codifying the rights of digital asset holders and creating a framework for state-level investment in crypto, Pennsylvania is charting a path that other states can follow.

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Why Pennsylvania’s Leadership Matters

Pennsylvania’s legislation arrives at a critical moment for the digital asset ecosystem. With the most pro-crypto presidency and Congress in U.S. history set to take office in 2025, states like Pennsylvania have a unique opportunity to shape national policy from the ground up. The Commonwealth’s decisive actions on HB 2481 and the proposed Strategic Bitcoin Reserve Act signal to businesses, investors, and policymakers that Pennsylvania is open for innovation.

HB 2481 is more than a regulatory milestone—it is a strategic move to attract fintech companies, blockchain developers, and digital asset investors. The Pennsylvania Chamber of Business and Industry has expressed strong support, emphasizing that the state’s clear stance on digital assets provides the regulatory certainty businesses need to innovate responsibly.

Beyond its economic implications, the legislation reflects an understanding of blockchain’s potential to drive financial inclusion. Decentralized financial tools can reduce barriers for underbanked communities, empowering individuals and small businesses with access to innovative financial services. Pennsylvania’s proactive approach ensures that these benefits are accessible to all, positioning the state as a model for equitable digital asset adoption.

A New Blueprint For State-Led Innovation

The impact of Pennsylvania’s leadership extends far beyond its borders. In the absence of comprehensive federal regulation, states have emerged as laboratories for blockchain policy, testing innovative approaches to digital asset management. From Wyoming’s recognition of decentralized autonomous organizations (DAOs) to Florida’s integration of digital assets into its regulatory framework, state-led initiatives are shaping the future of the U.S. digital economy.

Pennsylvania’s efforts build on this momentum, offering a clear roadmap for other states. By fostering a crypto-friendly environment, the Commonwealth is not only boosting its own economic competitiveness but also contributing to a broader movement that could influence federal policy. As blockchain technology continues to redefine global finance, states that embrace innovation now will be well-positioned to lead in the years to come.

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Stepping Into The Digital Future

Pennsylvania’s recent legislative efforts demonstrate a pragmatic approach to navigating the complexities of blockchain technology and digital assets. The passage of HB 2481 and the introduction of the Strategic Bitcoin Reserve Act highlight the Commonwealth’s focus on creating a clear regulatory framework while fostering innovation and economic growth.

By addressing both opportunities and challenges in this rapidly evolving space, Pennsylvania offers a practical model for other states to consider. Its actions underscore the growing role of state governments in shaping the future of the digital economy and ensuring its benefits reach residents and businesses alike. As the legislative process continues, Pennsylvania’s leadership may serve as a valuable reference point for balancing innovation with inclusivity and economic resilience.



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Pennsylvania

Dense fog advisory issued for part of Pennsylvania Sunday morning

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Dense fog advisory issued for part of Pennsylvania Sunday morning


The National Weather Service issued a dense fog advisory at 6:24 a.m. on Sunday in effect until 9 a.m. for Northern Clinton, Northern Centre, Southern Centre, Northern Lycoming, Southern Clinton and Southern Lycoming as well as Warren, McKean, Potter, Elk, Cameron, Clearfield, Blair, Huntingdon, Bedford, Fulton, Franklin, Tioga, Sullivan, Union, Snyder, Montour, Northumberland, Columbia, Perry, Dauphin, Lebanon, Cumberland, Adams, York and Lancaster counties.

The weather service comments, “Visibility near zero at times in dense fog.”

“Low visibility could make driving conditions hazardous,” explains the weather service. “If driving, slow down, use your low-beam headlights, and leave plenty of distance ahead of you.”

Navigating fog: Safety tips by the weather service

When a dense fog advisory is issued for your area, it means that widespread dense fog has developed and visibility can plummet to a quarter-mile or less. These conditions pose challenges for travel, so exercise extra caution on the road or consider postponing your trip if possible.

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If driving in fog becomes unavoidable, remember these safety tips:

Moderate your speed:

Slow down and allow extra travel time to reach your destination safely.

Visibility matters:

Ensure your vehicle is visible to others by using low-beam headlights, which automatically activate your taillights. Utilize fog lights if your vehicle is equipped with them.

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Avoid high-beams:

Refrain from using high-beam lights, as they create glare, making it more difficult for you to see what’s ahead of you on the road.

Maintain safe gaps:

Leave a safe distance between you and the vehicle in front of you to account for sudden stops or changes in the traffic pattern.

Stay in your lane:

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To ensure you are staying in the correct lane, use the road’s lane markings as a guide.

Zero visibility strategy:

In cases of near-zero visibility due to dense fog, activate your hazard lights and seek a safe spot, like a nearby business parking lot, to pull over and stop.

No parking options:

If no designated parking area is available, pull your vehicle as far off the road as possible. Once stationary, deactivate all lights except the hazard flashers, engage the emergency brake, and release the brake pedal to ensure your tail lights are not illuminated, reducing the risk of other drivers colliding with your stationary vehicle.

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By adhering to these precautions from the weather service, you can navigate foggy conditions more safely, reducing the likelihood of accidents and ensuring your personal safety.

Advance Local Weather Alerts is a service provided by United Robots, which uses machine learning to compile the latest data from the National Weather Service.



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Pennsylvania teacher arrested in Russia on drug charges is wrongfully detained: US officials

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Pennsylvania teacher arrested in Russia on drug charges is wrongfully detained: US officials


A Pennsylvania history teacher arrested in Russia on drug charges has been officially designated as wrongfully detained, US officials announced Friday.

Marc Fogel, a husband and father of two, was arrested in 2021 when he and his wife flew to Russia to teach. He was caught at the airport with what his family said was medically prescribed marijuana that he took for chronic back pain.

Fogel is currently serving a 14-year prison sentence.

The US State Department determined in October that Fogel was wrongfully detained but just confirmed the designation Friday.

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Marc Fogel, a history teacher from Pennsylvania, is serving a 14-year prison sentence after being arrested in 2021 at a Russian airport.

Fogel was omitted from a prisoner swap in August that included the release of Wall Street Journal reporter Evan Gershkovich, corporate security executive Paul Whelan and others.

“The United States has been working to secure Marc Fogel’s release for some time,” the State Department said in a statement. “We have long called for his humanitarian release and tried to include him in the August 1 deal, but were unable to.”

In August, a prisoner swap between Russia and the US brought home Marine veteran Paul Whelan. AP
Wall Street Journal reporter Evan Gershkovich was detained in Russia in March 2023 and released in August. Russia State TV via Reuters

Fogel’s wife, Jane, and his sons, Ethan and Sam, said in a statement that “The State Department has finally acknowledged what we have known all along — that our husband and father, Marc Fogel, has and continues to be wrongfully detained.

“Now that we have the full force of the U.S. government behind us, we must do everything in our power to bring Marc home as quickly and safely as possible.”

Family members of Marc Fogel rallied outside the White House for his release in July 2023. AP

The designation means the federal government is now legally required to work for his release. His case will be transferred to the Office of the Special Presidential Envoy for Hostage Affairs, which deals with hostage and detainee releases.

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In making the determination, the State Department considers factors, including if there is credible information that the person is innocent and if the country holding the prisoner is seeking to influence US policy or get concessions from the US government.

With Post wires



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Election, Olympics, Mangione, drones and more: The biggest stories of 2024

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Election, Olympics, Mangione, drones and more: The biggest stories of 2024


From the Keystone state’s pivotal role in the presidential election to a tragedy that shocked the NHL world to the capture of an alleged CEO killer, 2024 was an eventful year for the Philadelphia, New Jersey and Delaware region. Take a look at the biggest stories of the year below and watch NBC10’s look back at 2024 in the video embedded above!

Pennsylvania’s pivotal role during the presidential race and election 

The presidential race was arguably the biggest story of the year and Pennsylvania played a pivotal role. 

Republican Donald Trump was wounded during an assassination attempt at a campaign rally in Butler, Pennsylvania, over the summer. Trump and his Democratic opponent Kamala Harris also heavily focused on Pennsylvania – a key battleground state – throughout their campaigns with multiple rallies and in the case of Harris, a star studded campaign event in Philadelphia on election eve. 

Trump and Harris also held their first and only presidential debate in Philadelphia.

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Ultimately, it was Trump’s victory in Pennsylvania that paved the way to him winning the presidential election. 

There were also plenty of viral moments during the presidential race, including a giant naked statue of Trump in Philadelphia as well as Philadelphia District Attorney Larry Krasner repeatedly warning potential election disruptors to “F around and find out.” 

CHOP doctor struck, killed while riding bike in Philly

The death of Dr. Barabara Friedes rocked Philadelphia’s biking community.

Friedes – a pediatric doctor who had just been named a chief resident at the Children’s Hospital of Philadelphia – was struck and killed by a driver while she was riding her bike in Center City over the summer. Police said the driver of the striking vehicle was speeding and collided with Friedes while she was riding in a designated bike lane.

The driver, Michael Vahey, was eventually arrested and charged with DUI.

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Friedes’ parents spoke out after their daughter’s death, stating they were working to ensure changes that will help keep bikers safe throughout the city. 

Philly-area and NJ athletes shine during the Olympics 

The 2024 Paris Olympics was a rousing success and the Philadelphia-area was represented well during the games. 

Philadelphia native Kahleah Copper and Pennsylvania Alyssa Thomas were members of the U.S. women’s basketball team that took home the Gold. 

Philadelphia 76ers star Joel Embiid also won Gold as a member of the U.S. men’s basketball team. 

New Jersey native Sydney McLaughlin-Levrone won Gold in the Women’s 4x400m event as well as the Women’s 400m hurdles. 

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Take a look at the full list of local winners here. 

A wild year in Philly sports

As usual, sports was a big story for Philadelphia this year. 

Both the Phillies and Eagles had promising starts to their seasons that ended in disappointment, with the Phils losing to the Mets in the NLDS and the Eagles losing six of their last seven games after starting the season 10-1. 

After the season ended, Eagles legend Jason Kelce announced his retirement.

Months after his retirement, Kelce was involved in a high profile incident off the field in which he was captured on video smashing a man’s phone after hearing a gay slur being directed at his brother, Travis, for dating star artist Taylor Swift.

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The Sixers’ promising start to the 2023-2024 season also ended in disappointment as the team struggled following an injury to Joel Embiid. They then fought their way from the play-in to the playoffs only to lose to the New York Knicks in a wild first-round series.

The Sixers’ troubles continued at the start of the 2024-2025 season with a losing record despite the acquisition of Paul George and issues for Embiid with lingering injuries and an altercation with a reporter. 

But the biggest Sixers story of the year happened off the court with the team’s controversial plan to move from the Wells Fargo Center in South Philadelphia and build an arena in Center City’s Market East neighborhood. 

City Council ultimately approved the $1.3 billion plan which has been met by continuous protests from residents living in the city’s Chinatown community. 

The deaths of Johnny and Matthew Gaudreau

The sports world suffered a major loss with the deaths of NHL star Johnny Gaudreau and his brother Matthew. Both brothers were riding their bikes in South Jersey on the eve of what was supposed to be their sister’s wedding in August when they were struck and killed by a car. 

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The driver, Sean Higgins, was arrested and charged with driving under the influence. 

After their deaths, tributes for the brothers poured out from the hockey community and beyond. 

Family tragedies in Bucks, Delaware counties 

Two horrific family tragedies rocked communities in Bucks and Delaware counties this year. 

In February 2024, Xuong Le killed five of his own family members before taking his own life in a shooting and house fire in East Lansdowne, officials said.

In April 2024, Andre Gordon allegedly killed his stepmother, Karen Gordon, his teen sister Kera Gordon and Taylor Daniel, the mother of his two children, in Bucks County, before being captured hours later in Trenton, New Jersey. 

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Spectacles above and below 

A pair of cosmic spectacles captured the entire region. 

In April 2024, a solar eclipse was visible across the United States, including in Pennsylvania and New Jersey, though it wasn’t quite as visible as people expected due to cloud cover.

A near-total solar eclipse over Philadelphia was obscured by cloud cover for some, just ask Flyers mascot Gritty. However, in places along the path of totality from Mexico to Texas to the Midwest, skies remained clear enough to see the celestial show. Plus, video shows a slashing attack on two South Jersey police officers. And, a Florida woman says she couldn’t believe it when an alligator walked into her home. Finally, cherry blossom season is in bloom in Philadelphia’s Fairmount Park. NBC10’s Keith Jones and Lucy Bustamante deliver The Lineup on Tuesday, April 9, 2024.

In October 2024, there was a rare sighting of the Northern Lights across the Philadelphia region. 

A geomagnetic storm led to the northern lights being visible Thursday night over Pennsylvania and New Jersey. Did you get a chance to see it?

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The spectacles weren’t just in the sky however. In April 2024, an earthquake hit New Jersey and its impact was felt throughout the East Coast, including Pennsylvania and Delaware. 

Our very own Brian Sheehan experienced an aftershock while preparing for his live shot, leading to a viral moment.

Pro-Palestinian protests on college campuses 

Amid the Israel-Hamas War, pro-Palestinian protests and encampments occurred at college campuses across the country throughout the year, including Drexel University and the University of Pennsylvania.

New Jersey wildfires and drones 

Autumn’s dry conditions led to several wildfires in New Jersey as fire crews fought flames throughout the Garden State. 

Camden County’s health director Caryelle Lasher caught up with NBC10’s Aaron Baskerville to discuss the impacts of the four wildfires in New Jersey. 

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Also in New Jersey, mystery drone sightings in November and December led to concerns from residents and politicians. 

Alleged CEO killer’s Philly connection 

University of Pennsylvania graduate Luigi Mangione was arrested in Pennsylvania after shooting and killing UnitedHealthcare CEO Brian Thompson outside of a New York City hotel, investigators said. 

Thompson’s murder and the subsequent search and capture of Mangione sparked a nationwide conversation about the healthcare system following the discovery of the alleged killer’s manifesto which was strongly critical of the healthcare industry. 





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