Arkansas State House Passes Bills for Potential Crypto Mining Restrictions

cryptonews.com:

The Arkansas State House recently passed two bills to potentially restrict cryptocurrency mining activities within the state. However, six other proposals failed to garner enough votes for advancement.

While these bills have not yet become law, they signify the initiation of discussions that may lead to further legislative action.

During a Senate hearing on April 17, lawmakers addressed various concerns surrounding cryptocurrency mining, including noise reduction, foreign ownership, and the proximity of mining operations to residential areas.

All proposed bills aimed to amend Act 851 of 2023, also known as the Arkansas Data Centers Act, aims to regulate the Bitcoin mining industry in the state, providing guidelines for miners and safeguarding them from discriminatory regulations and taxes.

These resolutions required a two-thirds majority vote in both chambers of the Legislature to be introduced during the fiscal session. While the Senate successfully passed all eight resolutions with at least the minimum required votes, the House saw six resolutions, sponsored by Rep. Josh Miller, R-Heber Springs, fell short of the 67 votes needed for passage.

Among the unsuccessful proposals were measures addressing using foreign-manufactured computers or software in crypto mining, granting local governments regulatory authority over mines, and imposing licensing requirements for miners under state money transmission laws.

However, two policies managed to secure passage in the House. The first, sponsored by Sen. Joshua Bryant, R-Rogers, and Rep. Rick McClure, R-Malvern, imposes noise limits on crypto mines and restricts ownership by certain foreign entities.

The second, introduced by Rep. Jeremiah Moore, R-Clarendon, mandates