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 limitations on political subdivisions regarding zoning restrictions and appeals related to digital asset mining businesses. It defines key terms such as "interest" and "prohibited foreign party," and emphasizes that nothing in the proposed law shall restrict or exempt any person or entity from the jurisdiction of existing Louisiana securities laws. The bill aims to create a regulatory framework that supports the growth of blockchain technology while ensuring compliance and oversight of foreign interests in the state's digital asset sector.