Rhode Island lawmakers have reintroduced a invoice to determine a particular legislative fee to review blockchain know-how and crypto, displaying some steady pro-bitcoin momentum for the state to discover its function within the digital asset economic system.
Senate Invoice S 2198, launched by Senators Lou DiPalma, Gu, Burke, Urso, Paolino, and Zurier, would create a five-member fee tasked with reviewing blockchain and cryptocurrency exercise throughout the nation, inspecting present Rhode Island legal guidelines, learning non-fungible tokens (NFTs), and consulting business specialists.
The fee would additionally present legislative suggestions to foster a pro-business atmosphere whereas making certain acceptable client protections.
The fee’s composition consists of the Rhode Island Secretary of Commerce as chair, the Director of the Division of Enterprise Regulation, and three public members appointed to symbolize academia, monetary establishments, and federal securities experience.
The panel is predicted to fulfill no less than 4 instances per yr, with a last report due by January 5, 2028, and can function publicly, posting its findings on-line.
The invoice is just not fully new. It handed the Rhode Island Senate final yr as S 0373 however stalled within the Home (H 5810).
The Rhode Island Bitcoin Coverage Institute posted the reintroduction of the legislation on social media, thanking Senator DiPalma for sponsoring the invoice and noting that discussions with Deputy Home Speaker Ray Hull have made them optimistic about passage this session.
With cryptocurrency adoption rising nationwide and states competing to draw blockchain companies, Rhode Island’s effort displays a broader push to stability innovation with oversight and set up itself as a hub for rising monetary know-how.
Rhode Island’s bitcoin push
Earlier this month, Rhode Island lawmakers reintroduced a invoice to briefly exempt small-scale Bitcoin transactions from state revenue and capital positive aspects taxes, persevering with a push began final yr to cut back tax friction for on a regular basis Bitcoin use.
Senate Invoice S2021, launched by Senator Peter A. Appollonio and referred to the Senate Finance Committee, would exempt Bitcoin gross sales or exchanges as much as $5,000 per 30 days, with a $20,000 annual cap, for each residents and Rhode Island-based companies.
The invoice provides a brand new part to the state’s private revenue tax code, defining Bitcoin as a “digital, decentralized foreign money primarily based on blockchain know-how.”
Taxpayers may self-certify eligibility on returns with out reporting particular person transactions, sustaining information just for potential audits.
The Division of Enterprise Regulation would problem steerage on valuation and recordkeeping.
If handed, the exemption would take impact January 1, 2027, and sundown January 1, 2028, serving as a pilot program to deal with Bitcoin extra like on a regular basis cash somewhat than a speculative asset.