Vermont has no bespoke crypto-asset licensing statute. Virtual-currency exchange, custody and transmission businesses are regulated as money transmitters under Vermont's general Money Services Businesses law (8 V.S.A. Chapter 79), administered by the Vermont Department of Financial Regulation (DFR), with licensing processed through the Nationwide Multistate Licensing System (NMLS). A 2017 amendment added a statutory definition of 'virtual currency' and permits licensed money transmitters to hold digital currency as a permissible investment against outstanding obligations. The Commissioner has historically emphasized a discretionary, relationship-based licensing review rather than a fixed bespoke crypto framework (rejecting a New York-style BitLicense approach).
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Vermont does not operate a state-level token taxonomy. Token characterisation as a security or commodity is governed federally (SEC/CFTC, applying the Howey test and 2026 SEC interpretive guidance distinguishing 'digital commodities' from securities). Vermont's own role is confined to enforcement under its Uniform Securities Act against token sales it determines to be unregistered securities offerings, as illustrated by a 2018 cease-and-desist action.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Vermont has no bespoke statute or supervisory framework addressing staking, DeFi lending, DEX operation, mining, node operation, validator activity, or tokenization. Historically, the state's approach to virtual-currency business activity has been described as lacking concrete rules outside of the general MTL and securities statutes, leaving these on-chain activities to be assessed only insofar as they might constitute money transmission or a securities offering under existing general law.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
The federal GENIUS Act (signed into law 18 July 2025) establishes the first comprehensive U.S. framework for payment stablecoins, permitting issuance only by federally chartered banks, OCC-supervised nonbank issuers, or state-qualified issuers operating under a state regime certified 'substantially similar' to the federal standard (with a threshold allowing state supervision of issuers with up to $10 billion outstanding). Vermont has not enacted its own stablecoin-specific statute or sought state-regime certification; as of mid-2026 the primary federal regulators (OCC, Federal Reserve, FDIC, NCUA) and Treasury missed the Act's one-year rulemaking deadline, leaving implementing regulations unfinished and the statutory effective date set for the earlier of 18 January 2027 or 120 days after final rules issue.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Sources and findings (3)
T?source not recordedM5bindingenacted not yet effective
T?source not recordedM5bindingenacted not yet effective
Vermont's DFR applies existing general consumer-protection and securities-enforcement tools to crypto products rather than a bespoke crypto consumer-protection statute, including multistate-coordinated investigations (Celsius, BlockFi) and cease-and-desist actions against token issuers.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
No Vermont-specific crypto tax statute exists; federal characterisation of virtual currency as property for tax purposes governs the computation of gains, losses and ordinary income, which flows through to Vermont filers via the state's general reliance on federal tax mechanics. Federal broker reporting via Form 1099-DA began covering 2025-tax-year transactions in early 2026, increasing IRS visibility into crypto gains nationally, including for Vermont taxpayers.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Vermont imposes no state-specific cross-border restriction on virtual-currency transfers; cross-border transmission by Vermont-licensed money-transmitter/virtual-currency businesses is governed by federal OFAC sanctions and FinCEN's Bank Secrecy Act framework, including the Funds Travel Rule, which apply nationally regardless of state licensure. The pending GENIUS Act AML/sanctions rulemaking will additionally impose sanctions-screening obligations on permitted payment-stablecoin issuers.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
AML/CFT obligations applicable to Vermont-licensed money-transmitter/virtual-currency businesses (KYC/CDD, SAR/STR reporting, sanctions screening, record-keeping) are governed by the federal Bank Secrecy Act framework administered by FinCEN and are treated as subscribed content under crypto's Financial Integrity Module (FIM) aml_ctf baseline rather than duplicated in this jurisdiction-level DR pass.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
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