U.S. District Chief Judge Kristine G. Baker of the Eastern District of Arkansas. Courtesy photoForeign Ownership Laws Blocked by Federal Judge in Blow to State Attorney General
“Power over external affairs is not shared by the states,” U.S. District Chief Judge Kristine G. Baker ruled in the 43-page order, quoting long-standing U.S. Supreme Court precedent.
December 16, 2024 at 02:50 PM
5 minute read
What You Need to Know
- A crypto mining company has found itself at the center of a battle over the restriction of foreign ownership of land and digital asset businesses.
- A federal judge held that Arkansas laws were too broad and caused irreparable harm to the reputation and operation of a business owned by a naturalized U.S. citizen.
- An expert said this case is an example of a 'surging national trend.'
A federal district court judge in Arkansas revealed on Friday a redacted order issuing a preliminary injunction and that enjoined a state attorney general from enforcing two laws against a cryptocurrency company aimed at restricting foreign ownership of land and digital asset businesses.
Alexander T. Jones and Frederick H. Davis of Kutak Rock in the Am Law 200 firm’s Little Rock, Arkansas, office and Robert S. Chang, executive director of the Korematsu Center for Law and Equality at UC Irvine School of Law, represent the plaintiff, Jones Eagle LLC, against the defendants, Arkansas and Tim Griffin in his official capacity as the state's attorney general.
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