Committee Hears Competing Views on Crypto-ATM Protections as Law Enforcement, Banks Urge Limits
Engrossed Senate Bill 5,280 would add transaction limits, fee caps, disclosure and reporting requirements for virtual-currency kiosks. Law enforcement, the attorney general’s office, and bankers urged passage to curb elder fraud; industry groups and kiosk operators warned the bill’s caps and host-location language are overbroad and proposed alternative, targeted fraud protections.
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The committee received extensive testimony on Engrossed Senate Bill 5,280, which would add consumer protections for virtual-currency kiosks (crypto ATMs), including a daily transaction cap (proposed at $2,000), a fee cap (the greater of $5 or 15% of the transaction), pre-transaction disclosures, required receipts, and reporting of branch locations and authorized delegates to the Department of Financial Institutions (DFI).
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