The US Court of Appeals for the Eighth Circuit is deciding whether to lift an injunction blocking Arkansas from enforcing its law restricting foreign-controlled companies from operating Bitcoin mining businesses in the state. The laws, passed in 2023 and 2024, target businesses linked to countries on the US International Traffic in Arms Regulations list. Jones Eagle LLC, a company owned by a naturalized US citizen born in China, challenged the measures arguing they are preempted by federal law covering foreign affairs and foreign investment. Federal District Judge Kristine G. Baker issued a preliminary injunction in December 2024 blocking the restrictions, and Arkansas appealed to the Eighth Circuit. The appellate court’s ruling will determine whether operators like Jones Eagle can continue operating while litigation proceeds and whether other states may follow Arkansas’s approach.
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