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Senate committee hears competing views on crypto-ATM regulation as sponsors hold bill for additional negotiation
Summary
HB 11-16 would license virtual-currency kiosks, require identity verification, set transaction limits, require fraud-refund processes and authorize enforcement; law enforcement and consumer groups urged strong protections while operators warned caps and per-kiosk fees could force many kiosks to close. The committee held the bill for a week to seek compromise.
Representative McNamara told the committee HB 11-16 seeks to set statewide licensure and consumer protections for virtual-currency kiosks, often called cryptocurrency ATMs. "These ATMs become a powerful tool for scammers who prey on seniors and people in crisis," she said, arguing the bill would require operator licensure under the Money Transmission Modernization Act, identity verification, on-screen notices and receipts, mandated training and anti–money-laundering controls, live customer support, fraud-refund rights and transaction limits.
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