Daily Legislative Update: Thursday, April 25, 2024

AT THE CAPITOL

The House and Senate met this morning and recessed until 1:00 p.m. next Tuesday. The final Joint Budget Committee meeting of the fiscal session will be next Tuesday morning.

SESSION CONCLUSION

At the conclusion of the House and Senate floor meetings today, House Speaker, Rep. Matthew Shepherd, and Senate President Pro Tempore, Sen. Bart Hester, announced that the House and Senate will convene at 1:00 p.m. next Tuesday and Wednesday. Each chamber will convene at 11:00 a.m. next Thursday to conclude the legislature’s work. Sine die adjournment of the fiscal session is planned for May 9.

NON-APPROPRIATION BILLS

SB78 by Sen. Joshua Bryant and Rep. Rick McClure and SB79 by Sen. Missy Irvin and Rep. Jeremiah Moore were considered by the Senate yesterday. SB 78 passed on a 26-to-three vote, and SB 79 passed 32-0.

SB78 would place noise limits on crypto mines, prohibit them from being owned by certain foreign entities, and allow local governments to pass ordinances regulating the mines.

SB79 provides a state presence of regulatory oversight to crypto mining operations. It would require crypto mining businesses to acquire a permit from the Oil and Gas Commission in order to operate. An amendment narrowed the bill’s definition of “digital asset mining business” to clarify that it refers to businesses in the crypto mining industry that are using blockchain networks. The bill defines a digital asset mining business as a “group of computers working at a single site that consumes more than one megawatt of electrical energy on an average annual basis for the purpose of generating digital assets by securing a blockchain network.” It defines a blockchain network as “a group of computer operations and processing together to execute a consensus mechanism to agree upon and verify data in a digital record for the purpose of generating digital assets.” Digital assets include cryptocurrency, virtual currency and “natively electronic assets.”