TO AUTHORIZE THE INTRODUCTION OF A NONAPPROPRIATION BILL TO AMEND THE ARKANSAS DATA CENTERS ACT OF 2023 AND TO AMEND THE UNIFORM MONEY SERVICES ACT.
Summary
SR10 is a Senate resolution authorizing Senator King to introduce a nonappropriation bill that would amend two Arkansas laws: the Arkansas Data Centers Act of 2023 and the Uniform Money Services Act. The underlying bill would remove an existing statutory exemption that says a person engaged in home digital asset mining or operating a digital asset mining business is not a money transmitter, and it would instead add those activities to the definition of “money transmission.”
The measure also includes a transition provision requiring anyone already engaged in home digital asset mining or operating a digital asset mining business under the Arkansas Data Centers Act of 2023 to apply for licensure under the Uniform Money Services Act by September 1, 2026. In practical terms, the bill would bring certain cryptocurrency mining-related activities under the state’s money transmission licensing framework, potentially subjecting those operators to regulatory oversight, compliance obligations, and licensure requirements.
Impact
If enacted, the bill would amend Arkansas Code provisions governing digital asset mining and money transmission by narrowing the current exemption for home digital asset mining and digital asset mining businesses. It would expand the scope of the Uniform Money Services Act to treat those activities as money transmission, and it would require existing operators to seek licensure by a specified deadline. The bill would therefore affect cryptocurrency miners, digital asset mining businesses, and the state agency responsible for money services licensing and enforcement.
Sentiment
The available record shows no committee transcript or recorded votes, so there is no direct evidence of debate or a measured floor sentiment. The bill also died in the Senate at sine die adjournment, which means it did not advance to enactment. Based on the text alone, the proposal appears regulatory in nature rather than broadly partisan, but the legislative history provided does not show whether it was viewed favorably or opposed by members.
Contention
The main point of contention likely concerns whether digital asset mining should be regulated as money transmission. Supporters of the change would likely argue that mining businesses should be brought under the same licensing and oversight regime as other money services providers, while opponents would likely object that mining is not the same as transmitting money and should remain exempt. Another likely issue is the compliance burden on existing miners, who would have to apply for licensure by September 1, 2026, potentially increasing costs and regulatory obligations for the industry.