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Committee debates regulation of virtual-currency kiosks; supporting resolution fails
Summary
The committee heard from the district attorney about fraud tied to virtual-currency kiosks and debated a resolution supporting Assembly Bill 384 and Senate Bill 386; the motion failed in committee and members asked that operator-enforcement concerns be included in a cover letter to legislators.
The committee considered a resolution supporting 2025 Assembly Bill 384 and 2025 Senate Bill 386, measures related to regulation of in-person virtual-currency kiosks, but the motion to adopt the resolution failed after debate.
District Attorney Carl Anderson described cases in which people deposited cash into kiosks that convert the funds to cryptocurrency and said the machines are often installed at gas stations. "The fees are usually pretty exorbitant, 10 to 20%," Anderson said, and he told the committee kiosks are increasingly used in fraud schemes that often affect elderly…
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