The Arkansas House of Representatives has passed a bill that will help protect digital asset mining businesses in the state. The Arkansas Data Centers Act of 2023, also known as HB1799, seeks to clarify the regulation of digital asset mining businesses and ensure they are operating within the law.
The bill was introduced by Representative Joe Jett and is now awaiting approval from Governor Asa Hutchinson. If approved, it would require all cryptocurrency platforms to register with the U.S. Commodity Futures Trading Commission and face oversight. It would also create a regulatory framework for digital asset miners in the state, ensuring they are compliant with all applicable laws and regulations.
The bill has been welcomed by many in the cryptocurrency community as a sign that Arkansas is taking steps to become more crypto-friendly. It comes at a time when other states such as California are considering legislation that could have an adverse effect on digital asset miners.
In addition to this new legislation, the Northwest Arkansas Council recently announced it will begin offering $10,000 in bitcoin to tech professionals and other workers who move to the area. This is part of an effort to attract more tech talent to the region and boost its economy.
Arkansas is also home to one of the most innovative law enforcement agencies in the country – The Benton County Sheriff's Office – which has been mining bitcoins since 2017 in order to fuel its investigations into online crime. This unique approach has allowed them to stay ahead of criminals who use cryptocurrencies for illegal activities such as money laundering or drug trafficking.
It's clear that Arkansas is taking steps towards becoming a leader in cryptocurrency regulation and adoption, which could be beneficial for both businesses and consumers alike. With this new bill, it looks like they're well on their way towards achieving that goal.