As a seasoned crypto investor with a strong interest in the regulatory landscape, I’ve witnessed the rollercoaster ride that is cryptocurrency mining legislation in the United States. The recent developments in Arkansas have piqued my attention, as I’ve had family friends who have been impacted by the sudden influx of mining operations in their rural communities.
As a researcher studying legislative proceedings in Arkansas, I can report that two proposed bills regarding cryptocurrency mining have successfully advanced through the House of Representatives. These bills are now on their way to the Governor’s desk, marking the final leg of their journey towards becoming laws in our state.
According to reports, on May 1, the Arkansas House of Representatives approved Senate Bills 78 and 79, which put limitations on specific cryptocurrency mining practices within the state.
As a researcher studying Senate Bill 78, I can explain that this legislation sets restrictions on cryptocurrency mining farms regarding noise emission levels. Furthermore, it regulates the utilization of water for cooling purposes. The bill also prevents mining operations from being under foreign ownership and reinstates the authority of local governments to oversee their regulation.
The Oil and Gas Commission, which falls under the Department of Energy and Environment, will oversee a new state-level licensing and regulatory system for the oil and gas industry as outlined in Senate Bill 79.
According to the Associated Press, the two bills are currently en route to Governor Sarah Huckabee Sanders’ desk for signing into law. Her office has indicated that she intends to approve them.
Two proposed legislative measures aim to make modifications to the Arkansas Data Centers Act of 2023. This act, swiftly adopted by the Arkansas legislature last year, offers certain safeguards for mining operations within its purview.
In April, there was intense discussion surrounding the Act as it threatened to restrict the regulatory power of local authorities over crypto-mining activities, sparking controversy and protests from affected rural areas.
According to a local news source, the Arkansas Advocate, Republican representative Jeremiah Moore, who is spearheading Bill 79 in the House, expressed excitement over the budding mining sector in Arkansas, stating, “We haven’t witnessed anything quite like this in our state before.”
The spokesperson for Sanders stated that the governor is firmly in favor of banning foreign adversaries from operating cryptocurrency mines in Arkansas, all while safeguarding rural areas and granting them the authority to root out malicious entities.
Crypto mining in the US is a contentious issue that came under closer scrutiny in April when the Biden Administration adopted a more aggressive approach towards mining companies. They drew attention to China’s actions as a model for the US to emulate.
Read More
- Top gainers and losers
- DOP PREDICTION. DOP cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- KAI PREDICTION. KAI cryptocurrency
- MOCHI PREDICTION. MOCHI cryptocurrency
- SILLY PREDICTION. SILLY cryptocurrency
- STOG PREDICTION. STOG cryptocurrency
- WRLD PREDICTION. WRLD cryptocurrency
- WOJAK PREDICTION. WOJAK cryptocurrency
2024-05-02 10:18