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Committee holds bill expanding definition of regulated financial institutions to include non-depository trust firms
Summary
Senate Bill 376, which would amend Rhode Island's regulated-institution definition to include non-depository trust companies (a change prompted in part by interest in crypto exchange-traded products), was discussed and held for follow-up while regulators and industry explore options.
Senate Bill 376, a proposal to amend the state’s definition of regulated financial institutions to include non-depository trust companies, was discussed March 25 and held by the Senate Commerce Committee while regulators and industry investigate whether regulatory or administrative routes can address the issue.
Sponsor Senator DePalmer framed the…
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