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Senate bill would limit crypto kiosk transactions, require fee and fraud disclosures
Summary
Senate Bill 5280 would impose daily transaction limits, cap kiosk fees and require additional disclosures and reporting for virtual-currency kiosks; supporters say it will curb fast-moving fraud, industry speakers warn limits and fee caps could push operators out of state.
Senate Business, Financial Services, Gaming & Trade Committee chair Claudia Kauffman on Thursday heard testimony on Senate Bill 5280, a Department of Financial Institutions (DFI) request bill that would regulate virtual-currency kiosks by requiring disclosures, recordkeeping, a $1,000 daily transaction limit and a fee cap equal to the greater of $5 or 5% of a transaction.
The bill’s sponsor, Senator Claudia Kauffman, said the kiosks are “popping up in shopping malls throughout the state” without consistent limits or notice to consumers and that the measure is intended to “protect consumers” by mandating clearer receipts, warnings about fraud and reporting requirements. Kauffman said the bill “strikes a balance between protecting consumers and fostering innovation.”
DFI’s…
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