The "Rhode Island Economic Growth Blockchain Act" is a bill that aims to promote economic growth and job opportunities in Rhode Island by creating a regulatory technology sandbox for blockchain and technology innovators. The bill recognizes the need for a public-private partnership framework and the development of technology industries to improve efficiency, trust, and accountability. It also addresses the challenges faced by blockchain innovators in accessing secure and reliable banking services by proposing the authorization of special purpose depository institutions.

The bill introduces new legal language into current law, defining various terms related to banking, blockchain, and financial technology. It establishes a financial technology sandbox program that allows individuals or companies to offer innovative financial products or services without having to comply with certain existing statutory and rule requirements. The bill also outlines the operation of the sandbox, including the maximum number of consumers permitted to receive an innovative financial product or service and the written statements that must be provided to consumers. Additionally, the bill proposes amendments to the law regarding the financial technology sandbox, including provisions related to record-keeping requirements, examination of records, notification to consumers, winding down operations, agreements with other regulatory agencies, revocation or suspension of sandbox authorization, extension of the sandbox period, and rules and enforcement.