2024 -- S 2502

========

LC005464

========

     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2024

____________

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

     Introduced By: Senators DiPalma, and Zurier

     Date Introduced: March 01, 2024

     Referred To: Senate Commerce

     WHEREAS, Cryptocurrency is a medium of exchange that has a monetary value as is the

US dollar; and

     WHEREAS, Blockchain is a storage technology used for saving data on decentralized

networks; and

     WHEREAS, A blockchain records and confirms cryptocurrency trades, much like a

digital ledger, and collects and stores the information when a person buys, sells, or exchanges

cryptocurrency; and

     WHEREAS, To benefit the State’s economy, there is a significant and beneficial requisite

to determine how to make Rhode Island the most forward thinking and pro-business state in order

to foster a positive economic environment for blockchain and cryptocurrency; now, therefore be it

     RESOLVED, That a special legislative study commission be and the same is hereby

created consisting of five (5) members: one of whom shall be the Rhode Island Secretary of

Commerce, or designee, who shall serve as Chair of the commission; one of whom shall be the

Director of the Department of Business Regulation, or designee; and three (3) of whom shall be

members of the public, one of whom shall be a representative from an academic institution with

experience or knowledge in blockchain technology, to be appointed by the Chair of the

Commission, one of whom shall be a representative of a financial institution, to be appointed by

the Speaker of the House, and one of whom shall be a representative with experience in federal

securities law, to be appointed by the President of the Senate.

     In making appointments to the study commission, the appointing authorities shall strive

to ensure that the study commission membership is diverse in educational background, ethnicity,

race, sex, and geographic residency.

     The purpose of said commission shall be to:

     • Review data and information on the scope of blockchain and cryptocurrency

throughout the country;

     • Determine the current status of blockchain and cryptocurrency in relation to

related laws in this State;

     • Study non-fungible tokens, including the use, prevalence, function, and current

regulation of non-fungible tokens;

     • Solicit ideas and opinions from industry experts; and

     • Compile an overview of potential legislation with recommendations on which

legislation will help make this State the most forward thinking and probusiness climate state for

blockchain and cryptocurrency and foster a positive economic environment for blockchain and

cryptocurrency.

     Forthwith upon passage of this resolution, the Chair shall call the first meeting of the

study commission.

     A majority of the members of the study commission constitutes a quorum for the purpose

of meeting and conducting business.

     Vacancies in said commission shall be filled in like manner as the original appointment.

     The membership of said commission shall receive no compensation for their services, but

receive reimbursement for expenses incurred in attending meetings of the study commission and

for travel incident thereto, in accordance with the comprehensive travel regulations promulgated

by the department of finance and administration and approved by the attorney general and

reporter.

     All departments and agencies of the state shall furnish such advice and information,

documentary and otherwise, to said commission and its agents as is deemed necessary or

desirable by the commission to facilitate the purposes of this resolution.

     The study commission shall meet at a time and place and at a frequency determined by

the Chair but no less than four (4) times per calendar year. Except for the first meeting of the

study commission, all other meetings of the study commission, including emergency meetings,

are held at the call of the Chair with written notice given to all study commission members.

     The study commission may conduct regular or special meetings by electronic or other

means pursuant to the open meetings act; and

LC005464 - Page 2 of 4

     The study commission shall agree upon any findings and recommendations by a majority

vote of the total membership of the study commission; now, therefore be it

     RESOLVED, That the commission shall submit an interim progress report of its findings

and recommendations to the General Assembly no later than January 5, 2025, and shall submit a

final report of its findings and recommendations to the Secretary of Commerce, the General

Treasurer, and the General Assembly, no later than January 5, 2026, and shall expire on February

5, 2026; and be it further

     RESOLVED, The final report must include:

     • Data and information on the scope of blockchain and cryptocurrency throughout

the country;

     • The current status of blockchain and cryptocurrency in relation to related laws in

this State; and

     • Recommended legislative proposals to encourage a positive economic

environment for blockchain and cryptocurrency in this State; and be it further

     RESOLVED, That the required reports may be submitted electronically, and must be

posted on the Department of Commerce and the Department of Business Regulation's website in

a publicly accessible place.

========

LC005464

========

LC005464 - Page 3 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 five (5) member special legislative study commission

whose purpose it would be to recommended legislative proposals to encourage a positive

economic environment for blockchain and cryptocurrency in this State, and who would submit an

interim progress report and recommendations to the Secretary of Commerce, the General

Treasurer, and the General Assembly no later than January 5, 2025, and a final report by January

5, 2026, and whose life would expire on February 5, 2026.

========

LC005464

========

LC005464 - Page 4 of 4