Senate adopts Colorado Vending of Digital Assets Act requiring disclosures at virtual-currency kiosks

The Colorado Senate adopted Senate Bill 79, the "Colorado Vending of Digital Assets Act," in a voice vote on Feb. 27, 2025, requiring operators of virtual-currency kiosks in the state to disclose material risks to customers before transactions.

Senator Rich, sponsor of the bill, told the chamber the measure "requires that an owner operator of a virtual currency kiosk disclose all material risk associated with the virtual currency before entering into a virtual currency transaction." She said the bill "ensures that customers are fully informed before making any decisions."

The bill drew support from lawmakers concerned about scams tied to kiosks. "If you don't know about this, I guarantee you that, all of us have them in our districts and that, unfortunately, people are being, scammed and losing a significant amount of money through using these machines or being encouraged to use these machines," Senator Roberts said. Roberts described accounts "particularly [of] senior citizens who have lost a significant amount of their life savings" and said the bill adds "important guardrails and protections" and transparency for consumers.

Roberts offered amendment L-007 on the floor to clarify definitions and consumer protections adopted in committee. The amendment, which Roberts said was developed with law enforcement and industry, defines a "new customer," imposes a $1,000 daily limit on new customers, and requires a seven-day period after a first deposit before that person is no longer a "new customer." Roberts explained the draft also removed a requirement for a printed receipt because "most of these kiosks don't have the ability to print," and instead permits a digital receipt.

Senator Henriksen expressed conditional support for the bill and for amendment L-007, saying, "I really appreciate this amendment because I believe that, cryptocurrency done right, is a legitimate currency." He added, "I'm a no without it. I will be a yes with L-007 and I renew the sponsors' ask for, yes on L-007."

The sponsors cited nationwide fraud figures during debate. According to a cited FBI cryptocurrency fraud report, "over 69,000 people in The United States reported falling victim to virtual currency scams with total losses amounting to 5,600,000,000.0 across those complaints," a statistic offered by Senator Rich during her remarks.

The Senate first adopted the committee report and then approved amendment L-007 by voice vote. The chamber adopted the bill on the floor by voice vote and ordered it engrossed and placed on the calendar for third reading and final passage.

The bill text and implementing rules will determine enforcement details, timelines and any refund processes; those specifics were not provided on the floor.

Votes and next steps: Senate Bill 79 was adopted by voice vote on second reading as amended. The Senate ordered the bill engrossed for third reading and final passage.