Senate hearing on crypto‑ATM bill spotlights fraud risks, dispute over transaction limits and receipts

Bismarck — The Senate Industry and Business Committee heard extended testimony on House Bill 14‑47, a bill that would add regulatory requirements for cryptocurrency kiosks (crypto ATMs) to Chapter 1309.1, the state money‑transmitter statute. Commissioner Lisa Cruz told senators the Department of Financial Institutions supports the bill and has proposed technical amendments to tighten definitions and restore continuous transaction limits.

“Crypto ATMs have become the new avenue for fraudsters instead of gift cards,” Cruz said, citing significant increases in reported losses and elder‑targeted scams that use kiosks to move cash into fraudsters’ wallets almost instantly.

What the bill would do: Cruz and other supporters described the bill as establishing a set of consumer‑protection requirements for kiosk operators — including visible warnings at kiosks, fee disclosures, live…