Share this article
Rhode Island Lawmakers Hope to Boost State Economy With Blockchain-Friendly Legislation
A newly introduced blockchain bill aims to provide a "welcoming" environment for fintech companies in a bid to stimulate growth and jobs.
Updated Sep 14, 2021, 12:10 p.m. Published Feb 10, 2021, 2:58 p.m.
The Rhode Island General Assembly is to consider draft legislation aiming to harness blockchain technology as a means to stimulate growth, create jobs and diversify the U.S. state's economy.
STORY CONTINUES BELOW
The "Rhode Island Economic Growth Blockchain Act" aims to nurture a "welcoming business environment" for technology and blockchain companies. It highlights how existing frameworks are unfit for purpose due to being created at a time when products and services were not technology focused.
The act, introduced Tuesday by House Minority Leader Blake Filippi and fellow Republican Representative David Place, proposes the creation of a regulatory sandbox for "innovators to develop the next generation of digital products and services" and help the state compete in the 21st century economy.
According to the bill, the state should seek to offer banking services tailored to innovators in this space, highlighting the difficulties experienced due to federally insured institutions not being permitted to manage accounts in cryptocurrency or other digital assets.
See also: Rhode Island Will Regulate Crypto Under Money Transmitter Laws
House Bill 5425 emphasizes the importance of cooperation between the public and private sectors in the state to provide greater trust and accountability between government, businesses and citizens.
The legislative bid marks Rhode Island's latest attempt to attract companies harnessing blockchain technology. In June 2019, the state sought proposals from companies to explore the viability of distributed ledger technology to improve state operations, in areas such as notarization, registration and licensing, contracts and fraud mitigation.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
40% of Canadian Crypto Users Flagged for Tax Evasion Risk, Canadian Tax Authority Reveals
Canada’s tax agency says legal gaps limit its ability to track crypto-related income as it recovers $100 million through audits and pushes for tighter regulation.
What to know:
- The Canadian Revenue Agency reports that 40% of crypto platform users are evading taxes or are at high risk of non-compliance.
- CRA's cryptoasset program has 35 auditors working on over 230 files, resulting in $100 million in taxes collected over three years.
- New legislation to combat financial crimes, including crypto tax evasion, is expected by Spring 2026, as announced by the Minister of Finance.
Top Stories
