Rhode Island 2025 Regular Session

Rhode Island House Bill H5810 Compare Versions

Only one version of the bill is available at this time.

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5	5	2025 -- H 5810
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7	7	LC001860
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9	9	S T A T E O F R H O D E I S L A N D
10	10	IN GENERAL ASSEMBLY
11	11	JANUARY SESSION, A.D. 2025
12	12	____________
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14	14	J O I N T R E S O L U T I O N
15	15	CREATING A SPECIAL LEGISLATIVE COMMISSION TO STUDY BLOCKCHA IN AND
16	16	CRYPTOCURRENCY
17	17	Introduced By: Representatives Casey, Solomon, and J. Brien
18	18	Date Introduced: February 28, 2025
19	19	Referred To: House Corporations
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22	22	WHEREAS, Cryptocurrency is a medium of exchange that has a monetary value as is the 1
23	23	US dollar; and 2
24	24	WHEREAS, Blockchain is a storage technology used for saving data on decentralized 3
25	25	networks; and 4
26	26	WHEREAS, A blockchain records and confirms cryptocurrency trades, much like a 5
27	27	digital ledger, and collects and stores the information when a person buys, sells, or exchanges 6
28	28	cryptocurrency; and 7
29	29	WHEREAS, To ensure all regulations that benefit the State’s economy are being 8
30	30	explored, there is a significant need to assess Rhode Island’s current strategy for blockchain and 9
31	31	cryptocurrency; now, therefore be it 10
32	32	RESOLVED, That a special legislative study commission be and the same is hereby 11
33	33	created consisting of seven (7) members: one of whom shall be the Rhode Island Secretary of 12
34	34	Commerce, or designee, who shall serve as Chair of the commission; one of whom shall be the 13
35	35	Director of the Department of Business Regulation, or designee; one of whom shall be the Rhode 14
36	36	Island General Treasurer, or designee; and four (4) of whom shall be members of the public, one 15
37	37	of whom shall be a representative from an academic institution with experience or knowledge in 16
38	38	blockchain technology, to be appointed by the Chair of the Commission, one of whom shall be a 17
39	39	representative of a financial institution, to be appointed by the Speaker of the House, one of 18
40	40	whom shall be a representative with experience in federal securities law, to be appointed by the 19
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44	44	President of the Senate, and one of whom shall be an impartial public representative with a 1
45	45	demonstrated ability to evaluate complex technologies and economic policies, to be jointly 2
46	46	appointed by the Senate President, and the Speaker of the House. 3
47	47	In making appointments to the study commission, the appointing authorities shall strive 4
48	48	to ensure diversity in educational background, ethnicity, race, sex, and geographic residency. 5
49	49	The purpose of said commission shall be to: 6
50	50	• Review data and information on the scope of blockchain and cryptocurrency 7
51	51	throughout the country; 8
52	52	• Determine the current status of blockchain and cryptocurrency in relation to 9
53	53	related laws in this State; 10
54	54	• Study non-fungible tokens, including the use, prevalence, function, and current 11
55	55	regulation of non-fungible tokens; 12
56	56	• Solicit ideas and opinions from industry experts; and 13
57	57	• Compile an overview of potential legislation with recommendations on making 14
58	58	changes to Rhode Island’s blockchain and cryptocurrency environment. 15
59	59	Forthwith upon passage of this resolution, the Chair shall call the first meeting of the 16
60	60	study commission. 17
61	61	A majority of the members of the study commission constitutes a quorum for meetings. 18
62	62	Vacancies in said commission shall be filled in like manner as the original appointment. 19
63	63	Commission members shall serve without compensation but may receive reimbursement 20
64	64	for expenses incurred. 21
65	65	State departments and agencies shall provide advice and information to facilitate the 22
66	66	commission’s purposes. 23
67	67	The study commission shall meet no less than four (4) times per calendar year. 24
68	68	The study commission shall agree upon any findings and recommendations by a majority 25
69	69	vote of the total membership of the study commission; now, therefore be it 26
70	70	RESOLVED, That the commission shall submit an interim progress report of its findings 27
71	71	and recommendations to the General Assembly no later than January 5, 2026, and shall submit a 28
72	72	final report of its findings and recommendations to the Secretary of Commerce, the General 29
73	73	Treasurer, and the General Assembly, no later than January 5, 2027, and shall expire on February 30
74	74	5, 2027; and be it further 31
75	75	RESOLVED, The final report must include: 32
76	76	• Data and information on blockchain and cryptocurrency across the country; 33
77	77	• The impact to Rhode Island’s economy if this technology is embraced; and 34
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81	81	• Recommended legislative proposals for blockchain and cryptocurrency in Rhode 1
82	82	Island that benefits the State; and be it further 2
83	83	RESOLVED, That the required reports may be submitted electronically, and must be 3
84	84	posted on the Department of Commerce and the Department of Business Regulation's website in 4
85	85	a publicly accessible location. 5
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92	92	EXPLANATION
93	93	BY THE LEGISLATIVE COUNCIL
94	94	OF
95	95	J O I N T R E S O L U T I O N
96	96	CREATING A SPECIAL LEGISLATIVE COMMISSION TO STUDY BLOCKCHAIN AND
97	97	CRYPTOCURRENCY
98	98	***
99	99	This resolution would create a seven (7) member special legislative study commission 1
100	100	whose purpose it would be to recommended legislative proposals to encourage a positive 2
101	101	economic environment for blockchain and cryptocurrency in this State, and who would submit an 3
102	102	interim progress report and recommendations to the Secretary of Commerce, the General 4
103	103	Treasurer, and the General Assembly no later than January 5, 2026, and a final report by January 5
104	104	5, 2027, and whose life would expire on February 5, 2027. 6
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