Arkansas House Bill HR1016

Arkansas 2024 Regular Session

• Introduced: 4/10/24
• Report Pass: 4/16/24
• Refer: 4/10/24
• Failed: 5/9/24

Caption

To Authorize The Introduction Of A Nonappropriation Bill To Require A Digital Asset Mining Business To Provide Notification Before Purchasing Land Or A Building Or Beginning Construction Of A Digital Asset Mining Facility.

Impact

The introduction of HR1016 represents a significant change in the regulatory environment surrounding digital asset mining in Arkansas. If enacted, this amendment would give local governments more control over the expansion of digital asset operations, allowing them to prepare for and potentially regulate the impact these facilities may have on local infrastructure, resources, and the environment. The impact on existing laws may center on how local governments interact with new businesses and manage land use and zoning laws related to digital assets.

Summary

House Resolution 1016 (HR1016) seeks to amend the Arkansas Data Centers Act of 2023 by imposing a notification requirement on digital asset miners and businesses involved in blockchain technology. Specifically, before purchasing or leasing land or buildings for the construction of digital asset mining facilities, these businesses must provide written notification to the Arkansas Public Service Commission and the relevant local government at least six months prior. This requirement is intended to ensure that local governments are informed of substantial developments in their areas prior to the commencement of such activities.

Contention

Debate around HR1016 highlights concerns among stakeholders regarding the balance between encouraging technological advancement and protecting community interests. Proponents of the bill argue that requiring advance notification will facilitate better planning and regulation of digital asset operations, enabling local governments to address potential impacts on the community effectively. However, opponents might view this as an unnecessary burden that could deter investment in Arkansas's burgeoning digital asset sector, potentially stifling economic growth and innovation in the field.