The "Rhode Island Economic Growth Blockchain Act" establishes a regulatory framework to support blockchain and technology innovators in the state. It creates a financial technology sandbox that allows businesses to test innovative financial products and services under flexible conditions, which is intended to attract companies and stimulate job creation. The Act also addresses the challenges faced by blockchain innovators in accessing banking services by proposing the establishment of special purpose depository institutions (SPDIs) that can meet the unique compliance needs of blockchain businesses.

Additionally, the legislation establishes a Rhode Island Blockchain Technology Advisory Council to promote research and entrepreneurial development. It outlines the application process for participation in the financial technology sandbox, which includes background checks and consumer disclosures, and establishes a financial technology innovation account for managing related funds.

The Act details the requirements for SPDIs, including capital requirements and operational standards, while ensuring compliance with state laws through regular examinations and oversight by the commissioner. Overall, the Act aims to position Rhode Island as a leader in the digital economy while ensuring consumer protection and regulatory compliance.