To Authorize The Introduction Of A Nonappropriation Bill To Amend The Arkansas Data Centers Act Of 2023 And To Amend The Requirements For A Digital Asset Mining Business Or Business Using A Blockchain Network.
Impact
The amendments proposed in SR16 aim to clarify the legislative framework surrounding digital asset mining in Arkansas, which has become increasingly significant due to the rapid growth of the digital economy. It seeks to safeguard local economic interests by preventing cities and counties from enforcing overly restrictive regulations that could stifle the growth of this emerging industry. The bill also introduces stipulations regarding utility service provisions, ensuring that digital asset miners do not overload local power grids or water systems, thereby balancing economic development with public resource management.
Summary
SR16, introduced by Senator B. King, seeks to amend the Arkansas Data Centers Act of 2023, particularly focusing on the requirements for digital asset mining businesses. This resolution is pivotal as it establishes guidelines that these businesses must adhere to in order to operate legally within the state. Notably, the bill emphasizes compliance with existing state laws regarding business operations, tax obligations, and local ordinances, impacting how digital asset mining is regulated at both state and local levels.
Contention
A notable point of contention arises from the section that prohibits certain foreign nationals from owning or investing in digital asset mining businesses in Arkansas. Critics argue that this could dissuade investment and limit the potential economic benefits that foreign capital might bring to the state. Proponents counter that this measure is essential for national security, preventing adversarial foreign entities from influencing critical technology sectors, thereby protecting local interests. Moreover, the resolution will likely spark debate on local versus state regulatory authority concerning the operations of digital asset mining within residential areas.
To Authorize The Introduction Of A Nonappropriation Bill To Amend The Arkansas Data Centers Act Of 2023 And To Amend The Requirements For A Digital Asset Mining Business Or Business Using A Blockchain Network.
To Authorize The Introduction Of A Nonappropriation Bill To Amend The Arkansas Data Centers Acts Of 2023, To Regulate Digital Asset Mining Businesses And Businesses Utilizing A Blockchain Network, And To Declare An Emergency.
To Authorize The Introduction Of A Nonappropriation Bill To Amend The Arkansas Data Centers Acts Of 2023, To Regulate Digital Asset Mining Businesses And Businesses Utilizing A Blockchain Network, And To Declare An Emergency.
To Authorize The Introduction Of A Nonappropriation Bill To Amend The Arkansas Data Centers Act Of 2023; And To Regulate The Impact On Water Usage And The Electric Grid By Blockchain Networks And Digital Asset Mining.
To Authorize The Introduction Of A Nonappropriation Bill To Amend The Arkansas Data Centers Act Of 2023; And To Regulate The Impact On Water Usage And The Electric Grid By Blockchain Networks And Digital Asset Mining.
To Authorize The Introduction Of A Nonappropriation Bill To Amend The Arkansas Data Centers Act Of 2023 And To Prohibit Foreign-party-controlled Ownership Of A Digital Asset Mining Business.
To Authorize The Introduction Of A Nonappropriation Bill To Amend The Arkansas Data Centers Act Of 2023 And To Prohibit Foreign-party-controlled Ownership Of A Digital Asset Mining Business.
To Authorize The Introduction Of A Nonappropriation Bill To Require A Digital Asset Mining Business To Pay A Fee For Extraordinary Electrical Energy Usage.