Dear Speaker Shekarchi,

While Washington drags its feet and legacy institutions tighten their grip, states are becoming the real battleground for the future of digital assets. Rhode Island now finds itself at a crossroads: lean into innovation—or let fear, confusion, and entrenched financial interests dictate the outcome.

Two proposals in front of lawmakers will reveal which path the state chooses: the creation of a blockchain commission and legislation to protect private digital asset keys. Let’s be clear—these are not radical ideas. They are baseline protections and common-sense steps that recognize a simple reality, digital assets are here to stay.

A blockchain commission is about expertise. Lawmakers need a dedicated body that actually understands this technology before writing rules that could either foster growth or suffocate it. Other states are already moving. If Rhode Island hesitates, it risks falling behind—again.

But the bigger test is private key protection. If an individual does not control your private keys, they do not control their assets. It’s that simple. Without clear protections, crypto holders remain exposed to overreach—whether from bad actors, regulators, financial intermediaries, or centralized platforms that can freeze or restrict access at will. That’s not innovation. That’s just the old system with a new coat of paint.

And let’s not pretend there aren’t powerful forces pushing in that direction. Traditional financial institutions have every incentive to slow this movement down. Crypto challenges their control, compresses their margins, and removes their gatekeeping power. So the playbook is predictable: call it risky, call it unregulated, and quietly lobby to shape the rules in their favor.

Rhode Island lawmakers should recognize that dynamic for what it is. This moment isn’t just about technology—it’s about property rights, financial sovereignty, and whether individuals are allowed to fully own what’s theirs in a digital world. Get this right, and Rhode Island can punch far above its weight—attracting talent, capital, and innovation. Get it wrong, and it becomes just another state that watched the future happen somewhere else. The choice is now.

Respectfully,

Mike Reyes