Latest news with #Act174
Yahoo
30-04-2025
- Business
- Yahoo
Federal judge orders Arkansas to stop enforcing crypto mining law
LITTLE ROCK, Ark. – A federal judge has ordered the state of Arkansas to cease enforcement of a 2024 cryptocurrency law. The temporary injunction ruling was the result of a lawsuit filed by The Arkansas Cryptomining Association in March. The suit asserted that Act 174 of 2024 violates the 14th Amendment's equal protection clause with its intent to stop foreign ownership of cryptocurrency mining operations. Judge grants temporary restraining order blocking Arkansas enforcement of anti-Chinese-ownership and data center laws The injunction includes the so-called Rule K, which was developed in order to create the enforcement path for Act 174. The suit asserts that Rule K was created in order to end-run an earlier temporary injunction on enforcement of Act 174 in an earlier case. Arkansas Oil and Gas Commission Director Alan York, Arkansas Attorney General Tim Griffin and the state of Arkansas are defendants in the case. Federal judge blocks enforcement of Arkansas Chinese land ownership, crypto mining laws Chief Judge Kristine G. Baker made the ruling after an April 11 hearing. The judge ordered a preliminary injunction under seal but made a public notice of preliminary injunction. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14-03-2025
- Business
- Yahoo
Cryptocurrency miners sue Arkansas officials, cite ‘unconstitutional regulations'
LITTLE ROCK, Ark. – A federal lawsuit filed Thursday seeks to overturn an Arkansas law and a regulation for being unconstitutional. The Arkansas Cryptomining Association filed the suit naming Attorney General Tim Griffin and Oil and Gas Commission director Lawrence Bengal as defendants. It asserts that a cryptocurrency law and regulation in the state violates the 14th Amendment's equal protection clause. Emboldened crypto industry seeks to cement political influence and mainstream acceptance Act 174 of 2024 amends the law to mandate that any cryptocurrency mine in the state must not be foreign-owned. The lawsuit continues to point out that Rule K was passed shortly after the court placed an injunction on Act 174 in an attempted end-run, the lawsuit states. Rule K gave the Oil and Gas Commission authority over cryptocurrency mining operations, including issuing required operating permits. The lawsuit cited language when Act 174 was debated in the Senate that specifically mentioned preventing China as a mine owner, followed by a statement from the governor's office to, in part, 'kick a Chinese communist-owned company out of her state.' The lawsuit continues that when Rule K was submitted for approval to the governor's office, it included a statement that the commission needed it to execute Act 174. The lawsuit returns to statements made surrounding Act 174's passage that 'From the beginning, the primary purpose of Rule K was to target persons believed to be Chinese nationals or with Chinese ancestry.' FBI accuses North Korean-backed hackers of stealing $1.5 billion in crypto from Dubai-based firm The combined action of the act and the rule violates equal protection, the right to due process, the commerce clause, the supremacy clause and is taking without just compensation, according to the lawsuit, which asks the court to find them unconstitutional and unenforceable. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
