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Committee Hears Competing Views on Crypto-ATM Protections as Law Enforcement, Banks Urge Limits
Summary
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.
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).
Drew Bowden and JJ (Jinju) Choi from the Department of Financial Institutions described enforcement tools available under the Uniform Money Services Act — including license revocation or suspension, fines and…
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