Rhode Island 2026 Regular Session

Rhode Island House Bill H7955

Introduced
2/27/26  

Caption

Expands the definition of operator to anyone who enables customers to purchase virtual currency. Expands the definition of a transaction to include a digital product or application where payment is made in person or through a third party intermediary.

Impact

The implications of HB 7955 are significant in terms of state law, as it aligns the state's definitions and regulations with the evolving nature of financial technology and virtual currencies. By doing so, the bill aims to provide a clearer regulatory framework for businesses engaging in cryptocurrency transactions. This clarity is intended to promote compliance among operators and enhance consumer protections, while fostering an environment conducive to innovation in financial transactions across the state.

Summary

House Bill 7955 seeks to amend existing legislation concerning currency transmissions within the financial institutions framework in Rhode Island. This bill notably expands the definitions relevant to virtual currency operations, capturing a wider scope of participants involved in cryptocurrency transactions. The legislation broadens the definition of an 'operator' to include not just owners of virtual currency kiosks, but also those who facilitate customer purchases through digital products, significantly modernizing the regulatory landscape to account for advancements in digital finance.

Contention

However, there are points of contention surrounding the bill's passage. Stakeholders may raise concerns about the adequacy of consumer protections and the potential for increased regulatory burdens on small operators. Some advocates fear that while the intent is to facilitate market activity, the expanded definitions could inadvertently complicate compliance for smaller businesses unfamiliar with the intricate workings of cryptocurrencies and their regulatory environment. Overall, the discourse will center around ensuring that the bill fosters innovation without compromising the safety and security of consumers engaging in digital transactions.

Companion Bills

No companion bills found.

Previously Filed As

RI H5636

Provides that operators of virtual currency kiosks must provide customers with a paper receipt, electronic receipt, or both of the transaction.

RI H5121

Creates a process for licensure and oversight by DBR over the practices and procedures of virtual currency kiosk operators to prevent fraud related to the use of virtual currency kiosks, by establishing daily transaction limits and the regulating of fees.

RI S0016

Creates a process for licensure/oversight by DBR over the practices/procedures of virtual currency kiosk operators to prevent fraud related to the use of virtual currency kiosks, by establishing daily transaction limits and regulation of fees.

RI H5786

Expands the definition of “book or other writing” to sales up to one thousand five hundred (1,500) copies and deny the sales tax exemption for third-party sales.

RI S0519

Prohibits discrimination on the basis of race by expanding the definition of race to include traits historically associated with race, including, but not limited to, hair texture and protected hairstyles.

RI H5841

Prohibits discrimination on the basis of race by expanding the definition of race to include traits historically associated with race, including, but not limited to, hair texture and protected hairstyles.

RI H5670

Expands the definition of peace officers to include juvenile program workers and shift coordinators at the department of youth, children and families.

RI S0823

Expands the definition of peace officers to include juvenile program workers and shift coordinators at the department of youth, children and families.

RI H5564

Establishes an economic growth blockchain, regulates virtual and digital assets, and establishes depository banks for these purposes.

RI H5190

Amends the definition of a "houseboat" to include motorized or non-motorized vessels.

Similar Bills

No similar bills found.