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Committee flags H.137 additions: mutual financial institution operators, one‑year crypto kiosk transition
Summary
Members noted that H.137, on the Senate floor for third reading, includes language on operators of mutual financial institutions and a regulatory scheme for crypto kiosks that delays full prohibition for a year. The committee plans to hear from the Department of Financial Regulation and banking stakeholders.
The Commerce & Economic Development committee discussed H.137 on Friday, May 2, 2025, noting two new provisions added in the Senate: language on operators of mutual financial institutions and a regulatory framework for crypto kiosks.
The committee chair said the mutual institution provision was proposed by the Vermont Bankers Association and “I think it looks fine to me.” On crypto kiosks, the chair said the Senate worked with advocates and the Department of Financial Regulation (DFR) to devise a regulatory approach that maintains a prohibition for another year and sets operational limits, including a per‑transaction cap (the chair referenced a $5,000 figure for how much could be sent and an approximate $15.99 fee figure).
The chair said the committee will invite DFR to explain the changes and has invited Chris Delia from the bankers and Maria to go over the Senate adjustments. The chair also said the committee will hear from DFR and other stakeholders in a future session and will attempt to review those changes on the following Tuesday morning. No formal action was taken and no vote occurred.
Next steps: the committee will schedule testimony from DFR and banking representatives and review the fiscal and policy details before taking any position.
