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LITTLE ROCK, Ark. – Aspects of Arkansas’ new cryptocurrency mining law are now being revisited just one year after it went into effect.
The state Legislature this week approved a study into changes that could be made to the current law in light of concerns raised over the past year.
Sponsor Sen. Joshua Bryant (R-Rogers) said the point of Act 851 is to limit the ability of local governments to pass regulations targeting crypto mining.
“This bill was really kind of a pre-emptive bill that said there would be local control,” Bryant said. “Once you start it up and operate it, you can’t back down and shut it down.”
After this law was passed, cryptocurrency mining sites began to pop up, and communities called on city councils and local authorities to block access to these sites.
Bryant says Arkansans, whom he calls “good actors,” are already operating these crypto-mining facilities and are concerned that local governments are shutting them down without due process. said.
“By that time, local governments had already allowed them to enter the country, so Law 851 would provide similar protection for bad actors,” he said.
As of the 2023 legislative session, a new law is also being enacted in Arkansas that would prohibit companies controlled by foreign political parties from owning agricultural land in the state.
Attorney General Tim Griffin has been investigating cryptocurrency mining sites for months, but so far no properties have been identified under this foreign direction.
Bryant said legislation following this study would likely come into force in 2025, with some amendments.
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