A bill in the state legislature of the state of Rhode Island would exclude “ ” from state laws. The bill was in the legislature on Feb. 27.
The bipartisan bill H5595 proposes a series of amendments to the Rhode Island Securities Act, under which “a developer or seller of an open shall not be deemed the issuer of a security,” should certain conditions be met.
The must be used for a “consumptive purpose” that is exclusively exchangeable for “the receipt of, goods, services or content, including rights of access to goods, services or content.”
cannot be marketed as an investment, and if they are not usable for a “consumptive purpose” when sold, buyers must be prevented from reselling them. H5595 also excludes entities that facilitate the exchange of a from broker-dealer status should they file a notification with the Secretary of State. The bill concludes by defining a “ ” as:
“(2) Recorded in a digital or database which is chronological, consensus-based, decentralized and mathematically verified in nature, especially relating to the supply of units and their distribution; and (3) Capable of being traded or transferred between persons without an intermediary or custodian of value.”
According to legislation info portal Legiscan, the bill was referred to the House Finance Committee following its introduction. No information regarding further votes was forthcoming.
A similar was recently passed in the General Assembly. SB023 or the “” will offer limited extra freedoms for and traders. Specifically, the bill “provides limited exemptions from the securities registration and securities broker-dealer and salesperson licensing requirements for persons dealing in digital .” At press time the law is the signature of the governor to become law.
Following the federal midterm elections in November 2018, a number of states gained crypto- and -friendly representatives and officials. In Rhode Island, the sitting Democratic governor, Gina Raimondo — who is in -friendliness — defended her post against a Republican challenger.
Published at Sat, 02 Mar 2019 05:20:43 +0000
