Bill
Bill > H0370
summary
Introduced
02/26/2025
02/26/2025
In Committee
02/26/2025
02/26/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Session
Bill Summary
This bill proposes to establish various initiatives to protect Vermonters from any potential harms associated with cryptocurrency transactions and the location of cryptocurrency mining facilities in Vermont.
AI Summary
This bill, titled the "Cryptocurrency Public Protection Act," addresses several key concerns and provisions related to cryptocurrency in Vermont. The bill begins by acknowledging the inherent risks of cryptocurrency, including its lack of government backing, potential for significant value fluctuations, and absence of traditional financial protections. It prohibits state pension funds (including the Vermont State Employees', Teachers', and Municipal Employees' Retirement Systems) from investing in cryptocurrency, requiring a divestment plan by July 1, 2025, if any such investments exist. The legislation also prevents all state funds from being invested in cryptocurrency. Additionally, the bill mandates that the Commissioner of Financial Regulation develop a regulatory framework to prevent cryptocurrency-related theft and fraud, to be submitted to legislative committees by November 15, 2025. Furthermore, the Public Utility Commission is tasked with investigating cryptocurrency mining facilities in Vermont, focusing on environmental impacts, mitigation of public and landowner concerns, and establishing utility rates that do not burden other ratepayers. The bill's overall intent is to protect public funds, consumers, and the broader economic interests of Vermont by establishing comprehensive safeguards against potential cryptocurrency-related risks. The provisions will take effect on July 1, 2025, allowing time for implementation and planning.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
House Committee on Commerce and Economic Development Hearing (00:00:00 4/2/2025 ) (on 04/02/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://legislature.vermont.gov/bill/status/2026/H.370 |
BillText | https://legislature.vermont.gov/Documents/2026/Docs/BILLS/H-0370/H-0370%20As%20Introduced.pdf |
Loading...