Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Banking deputy flags money‑transmission growth, virtual currency kiosk report and cybersecurity concerns
Summary
Deputy Commissioner Aaron Ferentz told the committee Vermont directly regulates state‑chartered banks, credit unions and a growing set of money‑transmission and virtual currency licensees; he delivered a legislative report on virtual currency kiosks and emphasized cybersecurity and consumer protections.
Deputy Commissioner Aaron Ferentz briefed the House Commerce & Economic Development Committee on Jan. 15, 2025, on the Banking Division’s scope, licensing counts, and emerging trends including money transmission, cryptocurrency kiosks and cybersecurity.
"The area that's really growing for us is in this area called money transmission," Ferentz told the committee, describing how nonbank companies offering payment services or virtual currency products—think Venmo, Cash App and crypto exchanges—must be licensed when serving Vermonters.
Ferentz…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
