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Committee advances cryptocurrency-kiosk bill after industry pushback; members seek more negotiation
Summary
A bill requiring money-transmitter licensure, operator registration, law-enforcement training, quarterly reporting, and transaction/fee limits for cryptocurrency kiosks was passed out of committee for further work despite industry warnings that proposed fee caps and low limits could curtail legitimate business.
The committee heard a lengthy presentation and public testimony on proposed amendments to address criminal fraud at cryptocurrency kiosks (often called crypto ATMs). Scott Elder and committee staff summarized a two-pronged legislative approach: strengthen law-enforcement and prosecutorial capacity with required training and certification and impose operator-level requirements including a money‑transmitter license, operator registration, transaction limits (draft: $1,000 per customer per day; $2,000 cumulative for customers with fewer than five prior transactions) and a 3% fee cap. The bill would require blockchain-analytics safeguards to block transfers to known fraudulent addresses…
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