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VT H0370

VT H0370
An act relating to cryptocurrency and protecting the public welfare


summary

Introduced
02/26/2025
In Committee
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)

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