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Read. Follow. Verify.Vermont Prohibits Crypto Investments in State Pension Funds and Directs Siting Investigation for Mining Facilities
Last action · February 26, 2025: Read first time and referred to the Committee on Commerce and Economic DevelopmentSponsor: William Greer
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What This Bill Would Do
Vermont House Bill 370 prohibits state pension funds and general state funds from investing in cryptocurrency, requiring a for any existing holdings by July 1, 2025. The measure also directs the Commissioner of Financial Regulation to create a fraud-prevention regulatory framework and orders the Public Utility Commission to investigate cryptocurrency mining facility siting and utility rates.
The bill directly alters where public pension and state trust funds can be allocated, removes public exposure to digital asset volatility, and initiates utility rate structures that could impact operating costs for cryptocurrency miners.
Who It Would Affect
Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.
Vermont Pension Investment Commission
Must ensure pension holdings are not invested in cryptocurrency and develop a divestment plan if holdings exist on July 1, 2025.
State Treasurer
Must prohibit state fund investments in cryptocurrency and execute a divestment plan if state funds hold cryptocurrency on July 1, 2025.
Cryptocurrency mining facilities
Subject to a new siting investigation by the Public Utility Commission and specialized electric and water utility rates.
Commissioner of Financial Regulation
Must develop a regulatory framework to prevent fraud and submit a draft report to legislative committees by November 15, 2025.
Key Facts
- The act is officially cited as the 'Cryptocurrency Public Protection Act.'
- The Vermont Pension Investment Commission and State Treasurer must ensure that the holdings of state employee, teacher, and municipal retirement systems are not invested in cryptocurrency.
- If retirement funds hold cryptocurrency on July 1, 2025, a divestment plan must be developed and implemented.
- State funds, including nonretirement-related trust funds, are prohibited from being invested in cryptocurrency.
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- If state funds are invested in cryptocurrency on July 1, 2025, the State Treasurer must develop and implement a divestment plan.
- The Commissioner of Financial Regulation, in consultation with the Attorney General, must develop a regulatory framework to prevent cryptocurrency theft and fraud.
- The Commissioner must submit the draft regulatory framework to legislative committees on or before November 15, 2025.
- The Public Utility Commission must investigate the siting of cryptocurrency mining facilities to protect environmental policies and mitigate impacts on adjacent landowners and municipalities.
- The Public Utility Commission must establish specific electric and water utility rates for cryptocurrency mining facilities to prevent other ratepayers from bearing construction and operation costs.
- The Public Utility Commission must submit its findings and recommendations in draft form to legislative committees on or before November 15, 2025.
- The act takes effect on July 1, 2025.
Frequently Asked Questions
Are state retirement systems allowed to invest in cryptocurrency under this bill?
What happens if state funds are already invested in cryptocurrency on July 1, 2025?
How will cryptocurrency mining facilities be affected regarding utility bills?
What else do you want to know?
News Coverage
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Votes, people, money & the original sourceWhere This Stands
Currently in committee. The next step in the legislative lifecycle is Floor Vote.
Procedural history
1 action- Feb 26, 2025HouseIntroducedRead first time and referred to the Committee on Commerce and Economic Development
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Comprehensive State Digital Asset Prohibition
The bill establishes a synchronized prohibition across both public retirement systems and general state trust funds regarding cryptocurrency holdings.
Connected Entities
Sources
legislature.vermont.gov
Analysis Score
0–100- Significance65How much this matters to a regular citizen
- Controversy45Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz35Current news / social attention level
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