The "Rhode Island Economic Growth Blockchain Act" establishes a regulatory framework for blockchain technology and digital assets in the state. The Act creates a Rhode Island Blockchain Technology Advisory Council to support research and entrepreneurial development. It introduces a financial technology sandbox that allows innovators to test new financial products and services under a waiver of certain statutory requirements, addressing existing legal barriers.

The Act also provides for the creation of special purpose depository institutions (SPDIs) that cater specifically to the needs of blockchain innovators, allowing them to access banking services. These SPDIs are defined as corporations that cannot make loans and must comply with applicable federal laws. The legislation outlines the formation, operation, and capital requirements for SPDIs, including the necessity for depositors to be business entities and to maintain a minimum deposit.

Comprehensive definitions related to blockchain technology and digital assets are included to ensure a structured environment for the development and testing of innovative financial products. Key provisions of the Act require applicants for the financial technology sandbox to submit a fee, undergo background checks, and maintain records for five years after the conclusion of the sandbox period. The Act aims to foster innovation in financial services while ensuring consumer protection and regulatory compliance.