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House committee weighs licensing and protections for cryptocurrency kiosks amid elder fraud concerns
Summary
Senate Bill 305 would require registration/licensing of crypto kiosks in Maryland and impose consumer safeguards including labeling, transaction limits and fraud warnings; industry and senior advocates generally supported the measures during a House Economic Matters Committee hearing.
The House Economic Matters Committee heard Senate Bill 305, a bill to create a state registration and oversight framework for cryptocurrency kiosks while adding consumer protections aimed at reducing fraud.
Senator Bridal, presenting the bill, said the legislation was designed "to limit the fraud that's happening with bitcoin" while allowing legitimate kiosk operators to continue serving customers. He explained the bill would require clear labeling of kiosks, daily or first-transaction limits and other consumer safeguards.
Frank Boston, representing CoinFlip, told the committee, "we are in 49 states and we have 45 plus locations in Maryland," and said CoinFlip supports "Maryland licensure as it helps protect consumers and brings consistency to the industry." Tammy Bresnahan, senior…
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