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Rep. Will Greer introduces H.370 to examine cryptocurrency regulation and mining's energy impacts
Summary
Representative Will Greer presented H.370 to the Commerce & Economic Development Committee on April 2, 2025, seeking committee consideration of cryptocurrency regulation focused on consumer protection, money‑transmission coverage and the effect of mining on local energy rates; no committee vote was recorded.
Representative Will Greer (Bennington) introduced H.370 and discussed the bill’s goals with the Vermont House Committee on Commerce and Economic Development on April 2, 2025. Greer framed the bill as addressing consumer protection, local energy impacts from cryptocurrency mining, and gaps in state money‑transmission statutes.
Greer summarized national polling he said showed widespread skepticism about cryptocurrency: he told the committee ‘‘approximately 63% of U.S. adults express little to no confidence in the reliability and safety of cryptocurrencies’’ and that usage has remained stable at roughly 17% of adults. He cited cases of high-profile failures and scams and referenced a Federal Trade Commission report (as he described it) that estimated ‘‘over a billion dollars stolen via crypto scams’’ in recent years.
Energy and local impacts: The bill would examine how mining affects utility rates and whether commercial-scale mining operations impose costs on residential customers. Greer and other committee members discussed reported examples where miners received reduced electricity rates or where grid operators compensated large miners to curtail operations during grid stress; a committee member cited a Texas example of payments to miners during high-demand periods.
Comparative state action and legal approach: Greer referenced measures in other states — a New York moratorium on mining and statutory expansions in Arizona and Virginia to cover crypto in money‑transmission or consumer‑protection laws — as models the committee could study. He said the bill is intended to provide Vermont regulators and prosecutors appropriate tools to address fraud, kiosk scams and unlicensed operations.
Next steps and formal action: Greer asked the committee to further review H.370; the transcript records his presentation and answers to brief questions but no vote, motion, or referral during this meeting.
Ending: The committee did not take formal action at the session. Greer said the committee has time in future meetings to explore the bill and that he was available to answer additional questions and provide data or witnesses.
