Technology (Emerging Technology)

H.370, the "Cryptocurrency Public Protection Act," prohibits Vermont state pension funds and all state funds from investing in cryptocurrency, requiring them to divest holdings by July 1, 2025. It mandates the state financial regulator to develop fraud prevention rules for cryptocurrency by November 2025 and requires the Public Utility Commission to investigate cryptocurrency mining facility locations and utility rates to protect communities and ratepayers. The bill directly affects state retirement systems, consumers through fraud safeguards, and municipalities regarding mining facility impacts. Key mechanisms include mandatory divestment timelines, regulatory framework development, and environmental/siting reviews for mining operations. The law takes effect July 1, 2025.