US Judge Halts Arkansas Crackdown On Crypto Mining Firm Over Foreign Ownership Case
A US federal judge has temporarily halted Arkansas' efforts to shut down a crypto mining firm, Jones Eagle LLC, due to a dispute over foreign ownership. The firm's owner, Qimin "Jimmy" Chen, is a naturalized US citizen of Chinese descent, but the state of Arkansas alleged that the company was owned by a Chinese national .
The case revolves around two Arkansas laws, Act 636 of 2023 and Act 174 of 2024, which target businesses and property owned by Chinese nationals. Act 636 prohibits property ownership in Arkansas by companies or individuals connected to the Chinese government, while Act 174 prohibits the ownership of digital asset mining operations by foreign entities .
Chief US District Judge Kristine Baker issued a temporary restraining order (TRO) on November 25, citing potential constitutional violations. The TRO will be effective for 14 days, after which a court hearing will be held to discuss a preliminary injunction and an extension of the restraining order .
Chen's attorney, Alex Jones, stated that the TRO and preliminary injunction will prevent further harm to their client while they prepare for a trial on the merits. Chen alleges that he has been cooperating with state authorities and has provided documents to prove that the crypto-mining site is not hosted on agricultural land .
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