Rhode Island lawmakers have reintroduced a bill to establish a special legislative commission dedicated to studying blockchain technology and cryptocurrency. This move reflects the state’s ongoing efforts to enhance its role in the digital asset economy, particularly supporting Bitcoin. Senate Bill S 2198, sponsored by several senators, proposes forming a five-member commission tasked with reviewing blockchain and cryptocurrency activities nationwide, examining existing state laws, studying non-fungible tokens (NFTs), and consulting industry experts. The commission will also recommend legislative measures to foster a business-friendly environment while ensuring consumer protection.
The commission will be chaired by Rhode Island’s Secretary of Commerce and include the Director of the Department of Business Regulation along with three public members representing expertise in academia, financial institutions, and federal securities. The panel will meet quarterly and submit a final public report by January 2028, which will be available online.
This bill is not new; it was passed by the Senate last year but stalled in the House. The Rhode Island Bitcoin Policy Institute has welcomed the bill’s reintroduction, expressing hope for House approval this time. The initiative comes amid growing cryptocurrency acceptance across the U.S. and increasing competition among states to attract blockchain businesses. Rhode Island aims to balance innovation with regulation and establish itself as an emerging fintech hub.
In a related effort, lawmakers have also proposed a bill to temporarily exempt small-scale Bitcoin transactions from state income and capital gains taxes. This pilot program, set to begin next year for one year, intends to make Bitcoin more practical for everyday use.
Source: bitcoinmagazine
