Technology (Emerging Technology)

This bill authorizes the introduction of legislation to change how Arkansas regulates digital asset mining. It removes the current exemption that allows individuals and businesses mining cryptocurrency at home to operate without a money transmitter license. Under the proposed changes, anyone engaged in home or commercial digital asset mining would be required to obtain a license by September 1, 2026. The bill is currently a procedural resolution that died in committee and does not become law.

This bill authorizes the introduction of legislation to regulate how blockchain networks and digital asset mining operations affect water supplies and the electrical grid in Arkansas. It would require the Arkansas Natural Resources Commission to monitor water usage by these industries and allow them to shut down operations that excessively deplete critical groundwater. Additionally, it would task the Arkansas Public Service Commission with monitoring the impact on the electric grid and permitting utilities to cut power to mining sites that threaten grid reliability. The proposed rules implementing these measures must be finalized and filed with the Secretary of State by January 1, 2027.

This bill authorizes the creation of a new law to regulate how blockchain networks and digital asset mining operations affect Arkansas's water supplies and electric grid. It would require the Arkansas Natural Resources Commission to monitor water usage and allow the commission to shut down facilities that excessively consume groundwater. Additionally, it would task the Arkansas Public Service Commission with monitoring the impact on the electric grid and permitting utilities to halt service to mining operations that threaten grid reliability. The bill also mandates that the relevant agencies create specific rules to enforce these monitoring and enforcement powers by January 1, 2027.