Vermont H 370: An act relating to maintenance and use of legal trails

Bill Text

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VT LEG #381084 v.1
H.370 1
Introduced by Representative Greer of Bennington 2
Referred to Committee on 3
Date: 4
Subject: Securities; banking; cryptocurrency; consumer protection 5
Statement of purpose of bill as introduced: This bill proposes to establish 6
various initiatives to protect Vermonters from any potential harms associated 7
with cryptocurrency transactions and the location of cryptocurrency mining 8
facilities in Vermont. 9
An act relating to cryptocurrency and protecting the public welfare 10
It is hereby enacted by the General Assembly of the State of Vermont: 11
Sec. 1. SHORT TITLE 12
This act shall be known and may be cited as the “Cryptocurrency Public 13
Protection Act.” 14
Sec. 2. FINDINGS AND INTENT 15
(a) The General Assembly finds that: 16
(1) cryptocurrency is not legal tender, is not backed by the government, 17
and accounts and value balances are not subject to Federal Deposit Insurance 18
Corporation or Securities Investor Protection Corporation protections; 19

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(2) legislative and regulatory changes or actions at the State, federal, or 1
international level may adversely affect the use, transfer, exchange, and value 2
of cryptocurrency; 3
(3) transactions in cryptocurrency may be irreversible and, accordingly, 4
losses due to fraudulent or accidental transactions may not be recoverable; 5
(4) the value of cryptocurrency may be derived from the continued 6
willingness of market participants to exchange fiat currency for 7
cryptocurrency, which may result in the potential for permanent and total loss 8
of value of a particular cryptocurrency should the market for the 9
cryptocurrency disappear; and 10
(5) the volatility and unpredictability of the price of cryptocurrency 11
relative to fiat currency may result in significant loss over a short period of 12
time. 13
(b) It is the intent of this act to establish regulatory policies that safeguard 14
public funds, protect consumers from fraudulent activities, promote the public 15
good, and protect the legitimacy of the U.S. dollar, the reserve currency of the 16
world. 17
Sec. 3. PUBLIC PENSION FUNDS; CRYPTOCURRENCY; VERMONT 18
PENSION INVESTMENT COMMISSION 19
(a) The Vermont Pension Investment Commission, in consultation with the 20
State Treasurer, shall ensure that the holdings of the Vermont State 21

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VT LEG #381084 v.1
Employees’ Retirement System, the Vermont State Teachers’ Retirement 1
System, and the Municipal Employees’ Retirement System are not invested in 2
cryptocurrency. 3
(b) If any holdings of such funds are in cryptocurrency on July 1, 2025, the 4
Commissioner, in consultation with the State Treasurer, shall develop and 5
implement a divestment plan. 6
Sec. 4. 32 V.S.A. § 437 is added to read: 7
§ 437. INVESTMENTS IN CRYPTOCURRENCY PROHIBITED 8
(a) Investments of State funds, including nonretirement-related trust funds, 9
shall not be made in cryptocurrency. 10
(b) If State funds are invested in cryptocurrency on July 1, 2025, the State 11
Treasurer shall develop and implement a divestment plan. 12
Sec. 5. FINANCIAL REGULATION AND FRAUD PREVENTION 13
(a) The Commissioner of Financial Regulation, in consultation with the 14
Vermont Attorney General, shall develop a regulatory framework designed to 15
prevent the use of cryptocurrency as a form of theft and fraud and to ensure the 16
robust enforcement of cryptocurrency-related criminal activities. 17
(b) On or before November 15, 2025, the Commissioner shall submit in 18
draft form the regulatory framework developed pursuant to subsection (a) of 19
this section to the House Committee on Commerce and Economic 20
Development and the Senate Committee on Finance. 21

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Sec. 6. CRYPTOCURRENCY MINING FACILITIES; PUBLIC UTILITY 1
COMMISSION INVESTIGATION 2
(a) The Public Utility Commission shall commence an investigation into 3
the siting of cryptocurrency mining facilities in Vermont. The purpose of the 4
investigation is to: 5
(1) develop a procedure for siting such facilities in accordance with the 6
State’s environmental and conservation policies and in a manner that mitigates 7
any adverse impacts on adjacent landowners, municipalities, and the public 8
good, generally; and 9
(2) establish electric and water utility rates specific to cryptocurrency 10
mining facilities so that other classes of ratepayers are not burdened with any 11
increased costs associated with the construction and operation of such 12
facilities. 13
(b) The Public Utility Commission shall submit its findings and 14
recommendations in draft form to the House Committee on Energy and Digital 15
Infrastructure and the Senate Committee on Finance on or before November 16
15, 2025. 17
Sec. 7. EFFECTIVE DATE 18
This act shall take effect on July 1, 2025. 19