Arkansas House Approves Bill to Limit Cryptocurrency Mining
The Arkansas House of Representatives has passed a bill that would impose restrictions on cryptocurrency mining operations in the state. The bill, HB 1220, was approved by a vote of 78-16 and now moves to the Senate for consideration.
Under the bill, cryptocurrency mining facilities would be required to register with the state and obtain a permit before beginning operations. The permit would be issued by the Arkansas Energy and Environment Commission and would require the facility to meet certain environmental and safety standards.
The bill also imposes a 1.5% tax on the gross revenue of cryptocurrency mining facilities. The tax would be collected by the Arkansas Department of Finance and Administration and would be used to fund state programs.
Industry Opposition to the Bill
The cryptocurrency mining industry has opposed the bill, arguing that it would stifle the growth of the industry in Arkansas. The industry has also argued that the bill is unnecessary, as there are already a number of environmental and safety regulations in place that apply to cryptocurrency mining facilities.
Despite the industry’s opposition, the bill’s supporters have argued that it is necessary to protect the environment and ensure that cryptocurrency mining does not become a drain on the state’s energy resources.
Arkansas Senate Committee Passes Bill to Restrict Cryptocurrency Mining
The Arkansas Senate Committee on Energy and Environment has passed a bill that would restrict cryptocurrency mining operations in the state. The bill, SB 261, was approved by a vote of 4-1 and now moves to the full Senate for consideration.
Under the bill, cryptocurrency mining facilities would be required to register with the state and obtain a permit before beginning operations. The permit would be issued by the Arkansas Energy and Environment Commission and would require the facility to meet certain environmental and safety standards.
The bill also imposes a 1% tax on the gross revenue of cryptocurrency mining facilities. The tax would be collected by the Arkansas Department of Finance and Administration and would be used to fund state programs.
Industry Opposition to the Bill
The cryptocurrency mining industry has opposed the bill, arguing that it would stifle the growth of the industry in Arkansas. The industry has also argued that the bill is unnecessary, as there are already a number of environmental and safety regulations in place that apply to cryptocurrency mining facilities.
Despite the industry’s opposition, the bill’s supporters have argued that it is necessary to protect the environment and ensure that cryptocurrency mining does not become a drain on the state’s energy resources.
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S. de Vries
