Arkansas State Governor Sarah Huckabee Sanders is anticipated to approve two new bills regulating cryptocurrency mining activities in the state, as per multiple sources. Senate Bills 78 and 79, passed by state lawmakers on May 1, aim to strengthen regulations overseeing crypto miners in Arkansas.

These legislative efforts address concerns raised following the passage of Act 851 during the 2023 regular session, which has faced criticism for perceived lack of oversight on crypto mining activities. Local residents have expressed worries about the noise and resource consumption associated with crypto mines.

Notably, these bills emerge less than a month after the Arkansas Senate endorsed a resolution proposing fees on crypto miners for excessive energy usage. Senate Bill 78 focuses on mitigating noise pollution and water usage by miners, prohibiting foreign entities from owning mining operations in the state and granting local governments authority to oversee miner activities.

On the other hand, Senate Bill 79 requires crypto miners to obtain licenses before commencing operations in Arkansas, suggesting the establishment of a state licensing system overseen by the Department of Energy's Oil and Gas Commission. Both bills contain provisions prohibiting ownership of crypto mines by foreign entities from countries under the federal International Traffic in Arms Regulations ban.

Representative Andrew Collins, who opposed the bills, raised concerns about their potential impact on foreign investments, suggesting that they might inadvertently involve innocent parties while overlooking undisclosed domestic or foreign entities.

Conversely, Representative Jeremiah Moore, one of the bill sponsors, emphasized the rapid growth of the crypto mining industry in the state and underscored the necessity for a robust regulatory framework to govern this expanding sector.