Vermont committee hears split over proposed limits on crypto kiosks

The Vermont House Committee on Commerce & Economic Development on May 12 heard competing views on a proposed amendment to the senate proposal of amendment to H.648 that would extend or expand restrictions on crypto kiosks.

Christopher Curtis, assistant attorney general and director of the Consumer Assistance Program, told the committee his office logged about 45 cryptocurrency complaints from 2022'1024 that together alleged more than $3 million in losses, and said roughly 14 to 15 of those complaints involved transfers made at crypto kiosks. "These crypto kiosks, the risks far outweigh any reward," Curtis said, arguing the machines are unsupervised, placed in retail settings and give victims an easy way to transmit cash to scammers.

Curtis said a prior legislative moratorium and related rules appear to have reduced the number of kiosks in Vermont and the flow of complaints, but he urged caution because the kiosk transactions provide no person on site to intervene when a consumer is under pressure. He recommended that…