Vermont 2025-2026 Regular Session

Vermont House Bill H0370 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	BILL AS INTRODUCED H.370
2	2	2025 Page 1 of 4
3	3
4	4
5	5	VT LEG #381084 v.1
6	6	H.370 1
7	7	Introduced by Representative Greer of Bennington 2
8	8	Referred to Committee on 3
9	9	Date: 4
10	10	Subject: Securities; banking; cryptocurrency; consumer protection 5
11	11	Statement of purpose of bill as introduced: This bill proposes to establish 6
12	12	various initiatives to protect Vermonters from any potential harms associated 7
13	13	with cryptocurrency transactions and the location of cryptocurrency mining 8
14	14	facilities in Vermont. 9
15	15	An act relating to cryptocurrency and protecting the public welfare 10
16	16	It is hereby enacted by the General Assembly of the State of Vermont: 11
17	17	Sec. 1. SHORT TITLE 12
18	18	This act shall be known and may be cited as the “Cryptocurrency Public 13
19	19	Protection Act.” 14
20	20	Sec. 2. FINDINGS AND INTENT 15
21	21	(a) The General Assembly finds that: 16
22	22	(1) cryptocurrency is not legal tender, is not backed by the government, 17
23	23	and accounts and value balances are not subject to Federal Deposit Insurance 18
24	24	Corporation or Securities Investor Protection Corporation protections; 19 BILL AS INTRODUCED H.370
25	25	2025 Page 2 of 4
26	26
27	27
28	28	VT LEG #381084 v.1
29	29	(2) legislative and regulatory changes or actions at the State, federal, or 1
30	30	international level may adversely affect the use, transfer, exchange, and value 2
31	31	of cryptocurrency; 3
32	32	(3) transactions in cryptocurrency may be irreversible and, accordingly, 4
33	33	losses due to fraudulent or accidental transactions may not be recoverable; 5
34	34	(4) the value of cryptocurrency may be derived from the continued 6
35	35	willingness of market participants to exchange fiat currency for 7
36	36	cryptocurrency, which may result in the potential for permanent and total loss 8
37	37	of value of a particular cryptocurrency should the market for the 9
38	38	cryptocurrency disappear; and 10
39	39	(5) the volatility and unpredictability of the price of cryptocurrency 11
40	40	relative to fiat currency may result in significant loss over a short period of 12
41	41	time. 13
42	42	(b) It is the intent of this act to establish regulatory policies that safeguard 14
43	43	public funds, protect consumers from fraudulent activities, promote the public 15
44	44	good, and protect the legitimacy of the U.S. dollar, the reserve currency of the 16
45	45	world. 17
46	46	Sec. 3. PUBLIC PENSION FUNDS; CRYPTOCURRENCY; VERMONT 18
47	47	PENSION INVESTMENT COMMISSION 19
48	48	(a) The Vermont Pension Investment Commission, in consultation with the 20
49	49	State Treasurer, shall ensure that the holdings of the Vermont State 21 BILL AS INTRODUCED H.370
50	50	2025 Page 3 of 4
51	51
52	52
53	53	VT LEG #381084 v.1
54	54	Employees’ Retirement System, the Vermont State Teachers’ Retirement 1
55	55	System, and the Municipal Employees’ Retirement System are not invested in 2
56	56	cryptocurrency. 3
57	57	(b) If any holdings of such funds are in cryptocurrency on July 1, 2025, the 4
58	58	Commissioner, in consultation with the State Treasurer, shall develop and 5
59	59	implement a divestment plan. 6
60	60	Sec. 4. 32 V.S.A. § 437 is added to read: 7
61	61	§ 437. INVESTMENTS IN CRYPTOCURRENCY PROHIBITED 8
62	62	(a) Investments of State funds, including nonretirement-related trust funds, 9
63	63	shall not be made in cryptocurrency. 10
64	64	(b) If State funds are invested in cryptocurrency on July 1, 2025, the State 11
65	65	Treasurer shall develop and implement a divestment plan. 12
66	66	Sec. 5. FINANCIAL REGULATION AND FRAUD PREVENTION 13
67	67	(a) The Commissioner of Financial Regulation, in consultation with the 14
68	68	Vermont Attorney General, shall develop a regulatory framework designed to 15
69	69	prevent the use of cryptocurrency as a form of theft and fraud and to ensure the 16
70	70	robust enforcement of cryptocurrency-related criminal activities. 17
71	71	(b) On or before November 15, 2025, the Commissioner shall submit in 18
72	72	draft form the regulatory framework developed pursuant to subsection (a) of 19
73	73	this section to the House Committee on Commerce and Economic 20
74	74	Development and the Senate Committee on Finance. 21 BILL AS INTRODUCED H.370
75	75	2025 Page 4 of 4
76	76
77	77
78	78	VT LEG #381084 v.1
79	79	Sec. 6. CRYPTOCURRENCY MINING FACILITIES; PUBLIC UTILITY 1
80	80	COMMISSION INVESTIGATION 2
81	81	(a) The Public Utility Commission shall commence an investigation into 3
82	82	the siting of cryptocurrency mining facilities in Vermont. The purpose of the 4
83	83	investigation is to: 5
84	84	(1) develop a procedure for siting such facilities in accordance with the 6
85	85	State’s environmental and conservation policies and in a manner that mitigates 7
86	86	any adverse impacts on adjacent landowners, municipalities, and the public 8
87	87	good, generally; and 9
88	88	(2) establish electric and water utility rates specific to cryptocurrency 10
89	89	mining facilities so that other classes of ratepayers are not burdened with any 11
90	90	increased costs associated with the construction and operation of such 12
91	91	facilities. 13
92	92	(b) The Public Utility Commission shall submit its findings and 14
93	93	recommendations in draft form to the House Committee on Energy and Digital 15
94	94	Infrastructure and the Senate Committee on Finance on or before November 16
95	95	15, 2025. 17
96	96	Sec. 7. EFFECTIVE DATE 18
97	97	This act shall take effect on July 1, 2025. 19