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Bill

H 370

An act relating to cryptocurrency and protecting the public welfare

2025-2026 Regular Session Introduced by Will Greer

Vermont would regulate crypto businesses to protect consumers with licensing, disclosures, anti-fraud measures, and enforcement to enhance transparency and safety.

Read first time and referred to the Committee on Commerce and Economic Development
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WeVote Research Nonpartisan
Bill Summary · H 370

Summary of H 370 (2025-2026) – An act relating to cryptocurrency and protecting the public welfare (Vermont)

Purpose and intent

  • The bill is introduced to address cryptocurrency-related activities and their impact on public welfare within Vermont.
  • It aims to establish regulatory and consumer-protector measures to oversee cryptocurrency activities, mitigate risks to Vermonters, and promote transparent practices in the evolving digital-asset landscape.

Key provisions and changes

  • Regulatory framework for cryptocurrency activities

    • Establishes rules governing certain cryptocurrency activities and actors operating within Vermont, with the goal of ensuring compliance with state laws and safeguarding consumers.
    • May define which entities fall under regulation (e.g., cryptocurrency exchanges, wallet providers, or other intermediaries) and set registration or licensing requirements.

  • Consumer protections and disclosures

    • Requires clear disclosures to consumers regarding risks, potential for loss, and terms of service for cryptocurrency products and services.
    • Likely includes minimum standards for customer account protections, dispute resolution, and financial responsibility.

  • Financial integrity and anti-fraud measures

    • Provisions aimed at preventing fraud, money laundering, or other illicit activity within the cryptocurrency ecosystem.
    • Could include due diligence, recordkeeping, and reporting obligations for regulated entities.

  • Market safeguards and transparency

    • May implement transparency requirements (e.g., reporting of reserves, auditing requirements, or periodic disclosures) to enhance public trust in crypto-related services.

  • Enforcement and penalties

    • Establishes enforcement mechanisms for noncompliance, including potential penalties, fines, or license revocation.
    • Clarifies which state agency (likely the Department of Financial Regulation or a similar regulator) would oversee enforcement and provide updates to the public.

  • Interagency coordination

    • Provisions for coordination with other state agencies, federal regulators, or law enforcement to address cross-cutting issues in digital assets.

Who and what would be affected

  • Cryptocurrency businesses and service providers

    • Exchanges, wallet providers, custodians, payment processors, and any other actors offering crypto-related services to Vermont residents may be subject to licensing, registration, and ongoing compliance requirements.

  • Consumers and investment participants

    • Vermonters engaging with crypto products could gain enhanced protections, disclosures, and recourse mechanisms in case of disputes or losses.

  • State regulatory framework

    • The act would shape how Vermont regulates digital assets, potentially creating new regulatory workflows, examinations, and compliance resources within the relevant state department (e.g., Department of Financial Regulation) and coordination with other state and federal bodies.

Procedural and timeline aspects

  • Introductory action and referral
    • Read first time and referred to the Committee on Commerce and Economic Development on February 26, 2025.
  • Upcoming steps (typical process)
    • Committee deliberations, potential amendments, and votes.
    • If advanced, passage by the Vermont General Assembly with potential broader hearings before a final vote.
    • Signature by the Governor to become law, or other constitutional steps if amended.

Additional context

  • The bill lists Will Greer as a co-sponsor.
  • Specifics such as precise definitions, licensing scopes, fee structures, and enforcement timelines are not provided in the available summary. The detailed language in the bill text will clarify definitions (e.g., which crypto activities are regulated), registration processes, capital or liquidity requirements, and specific penalties.

If you’d like, I can tailor this summary to focus on particular sections once the bill’s full text is available, or add a section comparing to existing Vermont crypto-related regulation.

Compiled from official sources — confirm details with the bill’s official record.

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