The bill, known as the "Blockchain Basics Act," establishes regulations surrounding blockchain technology and digital asset mining in Louisiana. It prohibits prohibited foreign parties from acquiring or holding interests in digital asset mining businesses within the state. Additionally, it mandates that any such businesses operational before August 1, 2024, must divest their interests within 365 days. The Attorney General is granted the authority to investigate potential violations and enforce compliance, including the ability to order divestiture and pursue legal action if necessary. The bill also clarifies that local government approvals for digital asset mining businesses do not serve as a defense against violations of the law.

Key amendments to the bill include the removal of certain limitations on political subdivisions regarding zoning restrictions and the prohibition of digital asset mining businesses from appealing zoning changes. The bill also defines terms such as "interest" and "prohibited foreign party," while ensuring that existing laws regarding securities remain applicable. Furthermore, it establishes that no liability will fall on various parties involved in transactions if they fail to identify a prohibited foreign party. Overall, the bill aims to create a regulatory framework for digital asset mining while safeguarding against foreign control in this sector.