Rhode Island Senate Bill S0373

Rhode Island 2025 Regular Session

• Introduced: 2/26/25
• Refer: 2/26/25

Caption

JOINT RESOLUTION CREATING A SPECIAL LEGISLATIVE COMMISSION TO STUDY BLOCKCHAIN AND CRYPTOCURRENCY (Creates a 5 member commission to recommend legislative proposals for blockchain and cryptocurrency, and submit an interim progress report by January 5, 2026, and a final report by January 5, 2027, and would expire on February 5, 2027.)

Impact

The commission will consist of five members, including officials from the Rhode Island Secretary of Commerce and the Department of Business Regulation, alongside public representatives with expertise in blockchain technology and finance. One of the fundamental objectives of the commission is to compile comprehensive data regarding the scope and current regulatory landscape of blockchain and cryptocurrency at both state and national levels. This groundwork will be essential to navigate the future of blockchain legislation within Rhode Island.

Summary

Bill S0373 proposes the establishment of a special legislative commission tasked with studying blockchain and cryptocurrency within the state of Rhode Island. The joint resolution is aimed at fostering an innovative economic environment that encourages business development in these emerging technologies. It emphasizes the necessity for the state to evaluate its regulatory framework concerning blockchain and cryptocurrency and identify potential legislative measures that could be implemented to enhance this industry.

Contention

One notable focus of the commission's studies will be on non-fungible tokens (NFTs), exploring their regulatory status and implications for legislative proposals. The outcomes of the commission will be anticipated with interest, as stakeholders from various sectors—particularly technology and finance—are likely to have differing views on how regulations should evolve in order to maintain a beneficial balance between fostering innovation and ensuring consumer protection.

Additional_info

The commission is mandated to submit both an interim progress report and a final report containing recommendations by specified deadlines in 2026 and 2027, respectively. The establishment and operations of this commission represent a significant effort by the Rhode Island legislature to position the state as a leader in the blockchain and cryptocurrency space, aligning itself with businesses eager to innovate.