Arkansas Adopts Emergency Legislation to Regulate Crypto Mining Operations

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The House Financial Services Committee chairman, Representative Patrick McHenry, announced the markup of legislation aimed at providing regulatory certainty for the digital asset ecosystem. H.R. 4763, the Financial Innovation and Technology for the Twenty-First Century Act; H.R. 4766, the Clarity for Payment Stablecoins Act of 2023; and H.R. 1747, the Blockchain Regulatory Certainty Act will be considered by the committee on July 26. H.R. 4763 creates a framework for a digital asset market structure that is suited for the specific characteristics of digital assets, but H.R. 1747 prohibits blockchain developers from obtaining licences if they do not trade in cryptocurrencies. Representative French Hill, chairman of the Subcommittee on Digital Assets, highlighted the significance of establishing a viable regulatory framework to safeguard investors from financial crime and to develop strong consumer protections. The United States Department of Justice has decided to expand the size of its crypto crime team by combining the Computer Crime and Intellectual Property Section (CCIPS) and the National Cryptocurrency Enforcement Team (NCET) to form a larger organization with more resources.

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Arkansas is looking to adopt emergency legislation to limit noise and crypto mining operations before a new state law takes effect on August 1. The new legislation subjects cryptocurrency mining operations to the same rules that apply to data centers, establishing standards for miners and safeguarding them from unfair restrictions and fees. Green Digital, GMI Computing, United BitEngine, and Cryptic Farms are among the Arkansas crypto mining firms. Within a week, the measure was presented, debated in committees, and enacted by legislators. The Arkansas Association of Counties created a sample ordinance that counties can utilize before the law goes into effect. Over twelve counties are said to have approved noise restrictions aimed at data centers since June. Local governments are prohibited from discriminating against crypto mining companies or regulating decibel levels under the new legislation, and counties are prohibited from rezoning areas with the goal or effect of discriminating against digital mining enterprises.

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