"Senate Bill S 2198, introduced by Senators Lou DiPalma, Gu, Burke, Urso, Paolino, and Zurier, would create a five-member commission tasked with reviewing blockchain and cryptocurrency activity across the country, examining current Rhode Island laws, studying non-fungible tokens (NFTs), and consulting industry experts. The commission would also provide legislative recommendations to foster a pro-business environment while ensuring appropriate consumer protections."
"The panel is expected to meet at least four times per year, with a final report due by January 5, 2028, and will operate publicly, posting its findings online. The bill is not entirely new. It passed the Rhode Island Senate last year as S 0373 but stalled in the House (H 5810). The Rhode Island Bitcoin Policy Institute posted the reintroduction of the law on social media, thanking Senator DiPalma for sponsoring the bill"
"With cryptocurrency adoption growing nationwide and states competing to attract blockchain businesses, Rhode Island's effort reflects a broader push to balance innovation with oversight and establish itself as a hub for emerging financial technology. Rhode Island's bitcoin push Earlier this month, Rhode Island lawmakers reintroduced a bill to temporarily exempt small-scale Bitcoin transactions from state income and capital gains taxes, continuing a push started last year to reduce"
Senate Bill S 2198 would create a five-member commission to review blockchain and cryptocurrency activity nationwide, examine current Rhode Island laws, study non-fungible tokens, and consult industry experts. The commission would provide legislative recommendations aimed at fostering a pro-business environment while ensuring appropriate consumer protections. The panel would be chaired by the Rhode Island Secretary of Commerce, include the Director of the Department of Business Regulation, and three public members representing academia, financial institutions, and federal securities expertise. The commission must meet at least quarterly, operate publicly with findings posted online, and deliver a final report by January 5, 2028. The measure previously passed the state Senate as S 0373 but stalled in the House, and related efforts include a reintroduced bill to temporarily exempt small-scale Bitcoin transactions from state income and capital gains taxes.
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