Arkansas Senate Committee Approves Amended Bills to Restrict Crypto Mining
Senate Committee Approves Amended Bills Restricting Crypto Mining in Arkansas
Amended versions of two bills meant to impose greater restrictions on crypto mining in Arkansas cleared the Senate’s City, County and Local Affairs Committee on Thursday. The bills, Senate Bill 78 and Senate Bill 79, were sponsored by Sen. Joshua Bryant, R-Rogers, and Sen. Missy Irvin, R-Mountain View, respectively. The amendments made to the bills make each of the two senators a co-sponsor on the other’s bill, among other changes.
Amendments and Reactions
Senate members approved the amendments before voting on the bills. Bryant and Irvin said many of the changes were made so the bills would complement each other. Changes listed in Bryant’s amendments to Senate Bill 78 included clarifying acceptable noise-reduction practices and editing the language of its foreign ownership prohibition to prevent conflicts with Irvin’s proposed legislation. Irvin’s amendments largely replaced her original bill.
Under both senators’ amendments, a prohibited foreign-party-controlled business includes one in which the party possesses an “ownership interest of greater than zero percent.” The amendments also include penalty language for foreign parties that violate the rules set out in both bills.
Public Concerns and Committee Discussion
Several committee members expressed skepticism about the effect a rate change may have on crypto mining businesses. Public speakers, including a rice farmer and landowner, raised concerns over electricity supplies and water usage in areas where crypto mines operate. Despite some anxieties, speakers acknowledged the bills’ efforts to address concerns.
The committee will meet again to further discuss the bills and their implications.
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