Regulation
US State Reps Submit Bill Spurring Blockchain Innovation in Rhode Island
Rhode Island state representatives introduce a new motion to further blockchain adoption
Two state representatives in Rhode Island introduced a new bill promoting blockchain and technology adoption in the state.
Rhode Island representatives David Place and Blake Filippi introduced a new bill on March 11 known as the “Rhode Island Economic Growth Blockchain Act.” The motion aims to provide green pastures for blockchain innovation growth, ensuring Rhode Island’s ability to keep up with the times.
The bill’s new regulation
The new proposal aims to give blockchain regulatory parameters within Rhode Island. The bill reads:
“The state of Rhode Island understands that to compete in the twenty-first century economy, Rhode Island must offer one of the best business environments in the United States for blockchain and technology innovators, and should offer a comprehensive regulatory technology sandbox for these innovators to develop the next generation of digital products and services in Rhode Island.”
The filing mentions that favorable economic outcomes require well-rounded “public-private partnership” guidelines. Such partnerships build trust, performance and accountability, and can be enhanced by emerging technologies like blockchain.
The document also details specifics
The bill voices the desire for a blockchain-based filing and record system, and highlights potential benefits from implementing blockchain in the health and finance sectors.
Noting a need for regulatory reform to put these advantages in play, the document reads:
“Existing legal frameworks are restricting technology innovation because these frameworks were largely established at a time when technology was not a fundamental component of products and services. Technology innovators require a supervised, flexible regulatory sandbox to test new products and services using waivers of specified statutes and rules under defined conditions.”
The lengthy 41-page filing also mentions a number of other points, including advantages of regulatory sandboxes, as well as other applications of blockchain technology.
Rhode Island is one of many states proposing crypto and blockchain bills. A South Carolina bill noting the importance of blockchain recently surfaced, showing increased interest for the technology in the U.S.
Cointelegraph reached out to Representatives Place and Filippi for additional details, but received no response as of press time. This article will be updated should a response come in.
