The bill, HB 488, establishes the "Blockchain Basics Act" and introduces regulations concerning digital asset mining businesses in Louisiana. It prohibits any "prohibited foreign party" from acquiring or holding interests in such businesses, with a specific provision allowing existing foreign-party-controlled businesses until August 1, 2024, to divest their interests. 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 operations do not serve as a defense against violations of the law.

Additionally, the bill includes several amendments that remove certain restrictions on political subdivisions regarding zoning for digital asset mining, as well as limitations on liability for individuals or entities involved in validating transactions. It defines key terms related to blockchain and digital assets, and emphasizes that nothing in the proposed law shall impede the jurisdiction or application of existing Louisiana securities laws. The bill aims to create a regulatory framework that supports the growth of digital asset mining while ensuring compliance and oversight.