The United States Senate of the state of Arkansas has passed two new bills regulating cryptocurrency mining in the state.
These two bills would tighten regulations regarding cryptocurrency mining in the state of Arkansas.
After being approved by the Arkansas Senate, the bill will be introduced to the House of Representatives.
On Wednesday, Senate Bill 79 passed with 32 votes in favor, while Senate Bill 78 received 26 votes in favor, with no senators voting no and a minority of senators choosing to abstain from voting.
SB78, introduced by Senator Joshua Bryant, would place limits on cryptocurrency mining activities by prohibiting certain foreign entities from owning them and allowing local governments to enact ordinances to regulate mining. Established.
said State Sen. Joshua Bryant (R-32nd District).
“What virtual currency mining looks like in Arkansas, how do we regulate it, and how do we ensure that we address the nuisance that may be caused by people who don’t follow our laws?” I think we had a great discussion about it.''
SB79, filed by state Sen. Missy Irvin (R), 24th District, gives jurisdiction to the Arkansas Gas and Petroleum Commission, a subdivision of the state Department of Energy and Environment, that regulates cryptocurrency mining activities.
Cryptocurrency mining in the US
In the United States, the cryptocurrency mining industry is rapidly growing due to technological advances, economic factors, and regulatory changes. The main factors behind the growth of cryptocurrency mining include:
Technology introduction
The United States is one of the world's leading economies with a high level of technology market development, which has helped the crypto mining industry evolve faster than other regions.
economic factors
The potential for high investment returns has attracted both retail and institutional investors to the crypto mining sector.
favorable regulations
Compared to other regions, the United States has several crypto-friendly policies in various states aimed at supporting the development of the crypto market.
energy resources
The United States has abundant energy resources, including renewable energy, which is increasingly used to power mining operations in a cost-effective and sustainable manner.
Cryptocurrency mining activities are growing all over the world, and the United States is one of the major players in the development of this industry worldwide.
