Arkansas Senate Bill SB11

Arkansas 2025 Regular Session

• Introduced: 12/13/24
• Refer: 1/13/25
• Failed: 5/5/25

Caption

To Amend The Arkansas Data Centers Act Of 2023; And To Amend The Uniform Money Services Act.

Impact

If enacted, SB11 would require individuals engaging in home digital asset mining to apply for licensure under the Uniform Money Services Act by a specified deadline of September 1, 2026. This requirement establishes a new regulatory framework that could reshape how digital asset mining is conducted in Arkansas. The implications of this amendment involve a more structured oversight of digital asset activities, which may enhance financial accountability and compliance within this emerging sector.

Summary

Senate Bill 11 seeks to amend the Arkansas Data Centers Act of 2023 and the Uniform Money Services Act. The bill proposes to make several legal adjustments concerning home digital asset mining businesses and their regulatory obligations. One of the key changes includes repealing the exemption for individuals engaged in home digital asset mining from being classified as money transmitters under existing legislation. This move indicates a shift in the regulatory landscape for digital asset operations in the state.

Contention

Notably, there might be points of contention regarding the balance between fostering innovation in digital asset mining and imposing regulatory burdens that could deter individual miners or small-scale operations. Critics may voice concerns about the potential increased costs and administrative hurdles for individual miners, questioning whether such regulation supports or stifles the growth of the digital asset economy in Arkansas. The discourse surrounding these changes will likely include various stakeholders, from individual miners to larger data center operators.