The Arkansas Senate has rejected Senate Bill 60, which would have prohibited crypto mining facilities within a 30-mile radius of any military facility in the state.

The bill required digital asset mining operations within this zone to cease operations unless they had obtained permits before December 31, 2024.

Arkansas Lawmakers Say No to Crypto Mining Restrictions

Senate Bill 60, titled “To Prohibit a Digital Asset Mining Business from Being Located Within a Thirty-Mile Radius of a Military Facility,” was rejected on Thursday in a 6-1 vote, according to the Arkansas Democrat-Gazette.

Senator Ricky Hill and Representative Brian S. Evans introduced the bill. They argued that while digital asset mining—commonly known as crypto mining—presents economic opportunities, it also carries risks.

“Risks posed by digital asset mining include without limitation threats to national security and the security of the State of Arkansas,” the bill read.

The bill added that these crypto mining risks are heightened when such facilities operate within a thirty-mile radius of military bases in Arkansas.

“This act is immediately necessary in order to ensure the health and safety of the State of Arkansas and its citizens,” the bill asserted.  

Had it passed, the legislation would have required digital asset mining businesses within the designated radius to shut down. This would have applied unless they had obtained permits from the Oil and Gas Commission before December 31, 2024.

Additionally, ongoing construction of mining facilities within these zones would have been required to cease. The bill also granted the Attorney General the authority to investigate potential violations. This included the power to issue subpoenas and collect sworn statements to enforce compliance.

Despite these provisions, the bill failed to gain sufficient support, leaving digital asset mining businesses free to operate without the proposed restrictions.

This development follows Arkansas’ April 2023 “Right to Mine” law. The law protected Bitcoin mining activities in the state by loosening restrictions on commercial crypto mining. Nonetheless, it faced substantial opposition, with critics citing environmental and energy consumption concerns.

Meanwhile, lawmakers in North Dakota have introduced legislation to safeguard the rights of cryptocurrency users and miners. Representative Nathan Toman has put forward a bill designed to protect fundamental Bitcoin-related rights.

Dennis Porter, CEO of the Satoshi Action Fund, confirmed the bill’s introduction via social media platform X (formerly Twitter).

“This bill will protect the: Right-to-Mine – Right Self-Custody – Right to Peer-2-peer Transactions – Right to Run a Node,” Porter stated.

These developments come as interest in crypto grows at the national level. President Donald Trump, now serving his second term, has voiced strong support for the domestic Bitcoin mining industry. He has publicly advocated for all future Bitcoin mining to take place within the US, reinforcing his administration’s pro-crypto stance.

The US Securities and Exchange Commission (SEC) has given initial approval for Bitwise’s spot Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Fund (ETF). 

The SEC confirmed that the filing received accelerated approval. This came after the regulator approved similar ETFs last month.

SEC Approves Bitwise’s Bitcoin and Ethereum ETF

On January 30, the SEC approved NYSE Arca’s 19b-4 filing. The filing allows Bitwise’s combined Bitcoin and Ethereum ETF to be listed and traded. 

According to the filing, the fund’s asset allocation will closely reflect the relative market capitalizations of Bitcoin and Ethereum. Furthermore, its holdings would be limited to these two cryptocurrencies and cash reserves.

Notably, according to the SEC, the filing received accelerated approval. The agency determined that the filing was substantially similar to other approved spot crypto ETFs, which allowed for an expedited approval process.

“The Commission finds good cause to approve the Proposal prior to the 30th day after the date of publication of notice of Amendment No. 126 in the Federal Register,” the SEC stated.

The development follows the SEC’s approval of the first-ever combined Bitcoin and Ethereum ETFs from Hashdex and Franklin Templeton in December 2024.

“Because hashdex and Franklin were already approved it made sense that this would also be approved in short order,” Bloomberg ETF analyst James Seyffart pointed out on X.

Bloomberg Senior ETF Analyst Eric Balchunas also commented on the decision on social media platform X. He said that the decision was “news but expected.” 

“Even Gensler’s SEC would approve these,” Balchunas wrote.

Balchunas also highlighted the speed of the SEC’s decision. He noted that the approval process took only 45 days instead of the standard 240-day review period.

“I really want to interpret this as a sign the new SEC will be faster but no way to know really. Litecoin on deck, know more soon,” he added.

NYSE Arca filed the 19b-4 on November 26, 2024. After a public comment period and a revision to the filing on January 21, 2025, the SEC decided to fast-track its approval. The approval adds to Bitwise’s growing footprint in the crypto ETF space.

The investment manager has also submitted applications for Solana (SOL), XRP (XRP), and Dogecoin (DOGE) ETFs. Nonetheless, given its higher volatility and speculative nature, whether the SEC will approve a meme coin ETF remains to be seen.

Meanwhile, the Bitwise 10 Crypto Index Fund also remains under review. This fund is designed to track the performance of the top cryptocurrencies.