Arkansas Joins Montana, Texas With Bitcoin Mining Guidelines Bills

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The U.S. state of Arkansas joined Montana and Texas this year in proposing legislation to regulate bitcoin mining while providing legal protections for companies operating such businesses, a position unlike national regulators. such as the Securities and Exchange Commission (SEC), which have fined and filed lawsuits against companies operating cryptocurrency exchanges.

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Quick Facts The state’s bitcoin bill, known as the Data Center Act of 2023, has passed both the Arkansas House of Representatives and Senate and is now awaiting the approval of the governors. The bill, proposed by Republican Senator Joshua Bryant on March 30, aims to protect minors from discriminatory regulations and taxes with clearer guidelines. It states that crypto miners will be required to pay applicable taxes and government fees in acceptable forms of currency and operate in a manner that does not cause any strain on production capabilities or the transmission network of utilities. of electricity. Under the legislation, crypto miners will have the same rights as data centers, which the state recognizes as valuable to the local economy. The move in Arkansas mirrors similar action in Montana in February, when the state Senate passed a bill to provide legal protections for cryptocurrency miners, such as preventing cryptocurrency tariffs. discriminatory electricity. The picture in Texas is more mixed, with legislation introduced on April 4 that would eliminate some incentives for crypto miners in the state, while in March the state introduced a pro-mining bill. bitcoin mining, which is still pending in the House Committee on State Affairs. Meanwhile, US regulators such as the SEC and the Commodity Futures Trading Commission have issued fines and filed lawsuits against crypto trading platforms, such as Kraken and Binance, claiming they lack legal clearances. to sell some of their services. Republican Party Congressman Tom Emmer slammed SEC Chairman Gary Gensler during a podcast appearance, saying Gensler blindly sprays the crypto community with enforcement while completely missing out on the really bad actors. President Joe Biden’s administration has also proposed an excise tax on crypto miners that equals 30% of the cost of the electricity they use.

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