Rhode Island Lawmakers Revive Blockchain Study Commission Bill After Previous Stall

Rhode Island legislators have brought back a proposal to create a dedicated commission for studying blockchain technology and cryptocurrency after similar legislation failed to advance through the House last year.

Senate Bill S 2198, sponsored by six state senators including Lou DiPalma, would establish a five-member panel charged with analyzing blockchain and crypto activity nationwide, reviewing existing state regulations, examining non-fungible tokens, and consulting with industry specialists. The commission would be led by the Rhode Island Secretary of Commerce and include the Director of the Department of Business Regulation alongside three public appointees representing academic institutions, financial services, and federal securities expertise.

The panel would convene at minimum four times annually and deliver a comprehensive report by January 5, 2028, with all proceedings made publicly accessible online. The measure previously cleared the Senate as S 0373 but did not progress in the House.

This legislative effort coincides with a separate bill reintroduced earlier this month that would temporarily exempt Bitcoin transactions under $5,000 monthly from state income and capital gains taxes, demonstrating Rhode Island's multi-pronged approach to establishing itself as a competitive jurisdiction for blockchain businesses while balancing innovation with regulatory oversight.