The Committee on Banking and Insurance proposes the following amendment (LC-163.PH0001S):

Amend the bill, as and if amended, SECTION 1, by striking Section 34-47-10(5) and inserting:

 (5) "Digital asset mining" means virtual currency, cryptocurrencies, natively electronic assets, including stablecoins, fungible tokens, and non-fungible tokens, and other digital-only assets that confer economic, proprietary, or access rights or powersusing computer hardware and software specifically designed or utilized for the purpose of validating data and securing a blockchain network.

Amend the bill further, SECTION 1, by striking Section 34-47-40 and inserting:

 Section 34-47-40. (A) An individual shall not be prohibited, restricted, or otherwise prevented from participating in digital asset mining in an area zoned for residential use as long as the person engaging in digital asset mining complies with all local ordinances.
 (B) In areas that are zoned for industrial use, a political subdivision shall not:
  (1) place restrictions on a digital asset mining business that do not generally apply to businesses in that area;
  (2) place a specific limit on sound decibels generated from a digital asset mining business other than limits generally imposed for sound pollution in that area; or
  (3) change the zoning of a digital asset mining business without going through the proper notice and comment.
 (C) A digital asset mining business may appeal a change in zoning to the proper court of jurisdiction.

Amend the bill further, SECTION 1, by striking Section 34-47-60(A) and inserting:

 (A) A money transmitter license pursuant to Article 2, Chapter 11, Title 35 shall not be required byof an individual or business due to their participation in the following activities:
  (1) engaged in digital asset mining;
  (2) operating a node or a series of nodes on a blockchain protocol;
  (3) developing software on a blockchain protocol, even if the software effectuates the exchange of one digital asset for another digital asset; or
  (4) that exchangesexchanging a digital asset for another digital asset and does not exchangewithout exchanging digital assets for legal tender or bank deposits.

Renumber sections to conform.

Amend title to conform.