2025 -- H 5810

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LC001860

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2025

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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: 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

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 ensure all regulations that benefit the State’s economy are being

explored, there is a significant need to assess Rhode Island’s current strategy for blockchain and

cryptocurrency; now, therefore be it

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

created consisting of seven (7) 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; one of whom shall be the Rhode

Island General Treasurer, or designee; and four (4) 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, one of

whom shall be a representative with experience in federal securities law, to be appointed by the

President of the Senate, and one of whom shall be an impartial public representative with a

demonstrated ability to evaluate complex technologies and economic policies, to be jointly

appointed by the Senate President, and the Speaker of the House.

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

to ensure diversity 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 making

changes to Rhode Island’s blockchain and cryptocurrency environment.

     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 meetings.

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

     Commission members shall serve without compensation but may receive reimbursement

for expenses incurred.

     State departments and agencies shall provide advice and information to facilitate the

commission’s purposes.

     The study commission shall meet no less than four (4) times per calendar year.

     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, 2026, 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, 2027, and shall expire on February

5, 2027; and be it further

     RESOLVED, The final report must include:

Data and information on blockchain and cryptocurrency across the country;

The impact to Rhode Island’s economy if this technology is embraced; and

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Recommended legislative proposals for blockchain and cryptocurrency in Rhode

Island that benefits the 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 location.

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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

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     This resolution would create a seven (7) 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, 2026, and a final report by January

5, 2027, and whose life would expire on February 5, 2027.

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