The bill amends the Arkansas Data Centers Act of 2023 to create a regulatory framework specifically for digital asset mining businesses. It prohibits local governments from implementing discriminatory regulations against these businesses, ensuring they are treated similarly to data centers. New definitions and requirements are introduced, including the necessity for a permit from the Oil and Gas Commission to operate legally in the state. The bill also restricts ownership of digital asset mining businesses by foreign entities classified as "prohibited foreign-party-controlled businesses," requiring existing businesses under such control to divest their interests within 365 days of the bill's enactment.

Furthermore, the bill empowers the Attorney General to investigate violations and enforce penalties, which may include civil fines and judicial foreclosure for non-compliant businesses. It allows individuals or legal entities to file complaints regarding compliance issues, which the commission can investigate and address with reasonable orders and penalties. Local governments retain the authority to regulate digital asset mining businesses as long as their regulations do not conflict with state or federal laws. The bill also outlines the permit application process, requiring existing businesses to apply within 90 days of the promulgation of initial rules, and includes an emergency clause to address immediate public health and safety concerns related to digital asset mining operations.

Statutes affected:
Old version SB79 V2 - 4-24-2024 01:24 PM: 14-1-602(b), 14-1-605(a)
SB 79: 14-1-602(b), 14-1-605(a)
Act 174: 14-1-602(b), 14-1-605(a)