The proposed bill H.370, known as the Cryptocurrency Public Protection Act, aims to establish regulatory measures to protect Vermonters from potential risks associated with cryptocurrency transactions and mining facilities. Key provisions include a prohibition on investments in cryptocurrency by state pension funds and state funds, with a requirement for a divestment plan if any holdings are found by July 1, 2025. Additionally, the Vermont Pension Investment Commission is tasked with ensuring that state retirement systems do not invest in cryptocurrency. The bill also mandates the development of a regulatory framework by the Commissioner of Financial Regulation to prevent fraud and theft related to cryptocurrency.

Furthermore, the Public Utility Commission is directed to investigate the siting of cryptocurrency mining facilities to ensure compliance with environmental policies and to establish utility rates specific to these facilities, thereby protecting other ratepayers from increased costs. The findings from this investigation are to be submitted to relevant legislative committees by November 15, 2025. The act is set to take effect on July 1, 2025.