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