Creating a Special Legislative Commission to Study Blockchain and Cryptocurrency

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 as well as appropriate consumer protections; now, therefore be it

RESOLVED, That a special legislative study commission be and the same is hereby created consisting of ten (10) members: three (3) of whom shall be members of the Rhode Island Senate, to be appointed by the President of the Senate, not more than two (2) from the same political party;, one of whom shall serve as chair of the commission; one of whom shall be the Rhode Island Secretary of Commerce, or designee; one of whom shall be the Director of the Department of Business Regulation, or designee; and five (5) of whom shall be members of the general public, to be appointed by the President of the Senate; one of whom shall be a representative from an academic institution with experience or knowledge in blockchain technology; one of whom shall be a representative of a financial institution; one of whom shall be a representative with experience in federal securities law; one of whom shall be a representative with experience and expertise in blockchain technology; and one of whom shall be a representative with experience and expertise in cryptocurrency. In making appointments to the study commission, the appointing authority 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 pro business state for blockchain and cryptocurrency and foster a positive economic environment for blockchain and cryptocurrency as well as appropriate consumer protections. 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 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, 2027, 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, 2028, and shall expire on February 5, 2028; 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 as well as appropriate consumer protections; 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. EXPLANATION BY THE LEGISLATIVE COUNCIL OF SENATERESOLUTION CREATING A SPECIAL LEGISLATIVE COMMISSION TO STUDY BLOCKCHAIN AND CRYPTOCURRENCY *** This resolution would create a ten (10) member special legislative study commission whose purpose it would be to recommended legislative proposals to encourage a positive economic environment as well as appropriate consumer protections 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, 2027, and a final report by January 5, 2028, and whose life would expire on February 5, 2028. ======== LC004193/SUB A ========