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Senate hearing spotlights scams at cryptocurrency kiosks; law enforcement and AARP push for $1,000 limits and longer refund windows
Summary
At a Senate Commerce hearing on SB 4 82, law enforcement and elder-advocacy groups urged stricter rules for crypto ATMs, including a $1,000 daily withdrawal cap and a 90-day refund window; industry witnesses backed identity checks and short holds but warned long holds could drive operators out of state.
Senators convened a lengthy hearing on SB 4 82 to consider state-level protections for cryptocurrency "kiosks," with testimony ranging from police case files to caregiver accounts of financial devastation.
Senator Tim McHugh, sponsor of SB 4 82, introduced the bill as an attempt "to put some guardrails around the use of those devices," saying the legislation proposes identity verification, waiting periods and withdrawal limits to reduce scams targeting older adults.
The bill prompted forceful testimony from law enforcement. Detective Ray Lamby of the Manchester Police Department told the committee his unit saw a fast rise in crypto-ATM cases and recommended strict limits: "A daily transaction limit ... of no more than $1,000 a day" and a "90 day window" for refunds, he said, adding that in his investigations the average victim was in their 70s and recovery of funds was essentially zero.
Hampton Chief Alec…
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