Arkansas Senate Bill SR13

Arkansas 2024 Regular Session

• Introduced: 4/10/24
• Passed: 4/11/24

Caption

To Authorize The Introduction Of A Nonappropriation Bill To Amend The Arkansas Data Centers Act Of 2023; And To Amend The Uniform Money Services Act.

Impact

If passed, SR13 will directly impact statutes governing money transmission, incorporating those engaged in digital asset mining into the regulatory framework. By requiring these individuals to apply for licensure under the Uniform Money Services Act, the state aims to ensure oversight of digital asset transactions and protect consumers engaged in cryptocurrency activities. This alignment with existing regulatory standards is intended to enhance regulatory clarity for stakeholders involved in digital asset mining.

Summary

Senate Resolution 13 (SR13) proposes amendments to the Arkansas Data Centers Act of 2023 and the Uniform Money Services Act. Specifically, it aims to repeal an exemption for individuals engaged in home digital asset mining, redefining their status under the state’s money transmission laws. This legislation seeks to clarify and establish accountability for digital currency transactions, particularly for those operating businesses in the digital asset sector.

Contention

Notable points of contention regarding SR13 arise from concerns about regulatory overreach and the implications for individual miners versus larger corporations. Critics argue that subjecting home miners to the same licensing requirements that apply to commercial entities may inadvertently stifle innovation and discourage smaller operators. Supporters counter that the need for proper oversight and consumer protection justifies the legislation, emphasizing that regulation is crucial in an evolving digital marketplace.