§ 23-119-101 — Legislative intent - findings - purpose

(a) This chapter establishes the standards and criteria for the permitting and regulation of digital asset mining businesses. (b) The General Assembly finds: (1) Digital asset mining businesses represent a new and emerging industry that presents significant challenges for the citizens of Arkansas, including without limitation: (A) Significant noise emissions; (B) Massive consumption of power; (C) The usage of large quantities of water that could potentially threaten resources for citizens and future economic development opportunities; and (D) Potential issues involving cybersecurity. (2) While the State of Arkansas welcomes new businesses and economic growth, the General Assembly likewise has a responsibility to ensure that the operations of new industries do not negatively impact the public peace, health, and safety or otherwise damage the well-being of the citizens of the state; (3) When an industry presents harm to the public peace, health, and safety, it has been the practice of the General Assembly to provide for regulation of that industry to ensure that the industry operates successfully while not harming the citizens of the state and its natural resources; and (4) Based upon the challenges presented by digital asset mining businesses, it is necessary to regulate digital asset mining businesses as provided in this chapter to provide a regulatory framework for the safe operation of this new, emerging industry. (c) The purpose of this chapter is to: (1) Promote, preserve, and protect the public peace, health, and safety through effective permitting and regulation of digital asset mining businesses; (2) Provide for the powers and duties of the Oil and Gas Commission relating to the permitting and regulation of digital asset mining businesses; and (3) Prescribe penalties for violations of this chapter.

Legislative History

Added by Act 2024, No. 174,§ 4, eff. 5/3/2024.