SR10
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.
Last Action (April 6, 2026): Read the first time, rules suspended, read the second time and placed on the calendar.
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AI-Generated Summary
Senate Resolution 10 authorizes the introduction of a non-appropriation bill aimed at modifying the Arkansas Data Centers Act of 2023 and the Uniform Money Services Act. The proposed bill repeals an existing exemption that prevented digital asset mining businesses and home miners from being classified as money transmitters. By amending the definition of 'money transmission' under the Uniform Money Services Act, the bill classifies digital asset mining operations as money transmitters. Consequently, these businesses and individuals will be required to obtain licensure under the Uniform Money Services Act. The legislation includes a deadline of September 1, 2026, for existing entities to apply for the necessary licenses.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are state regulatory agencies, such as the Arkansas Securities Department, which would gain greater oversight, regulatory control, and the ability to collect licensing fees from digital asset mining operations. Additionally, the public may benefit from increased transparency and consumer protection standards applied to digital asset mining activities.
Who Might Suffer?
Digital asset mining businesses and individuals engaged in home digital asset mining are the groups most negatively impacted. These entities will face increased administrative and financial burdens associated with obtaining and maintaining a money transmitter license, including potential application fees, compliance costs, and stricter regulatory oversight.
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