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Committee advances consideration of virtual currency kiosk fraud bill after testimony from law enforcement and AARP
Summary
Senators referred S 1359, the Virtual Currency Kiosk Fraud Prevention Act, to the 14th Order of Business for possible amendment after testimony that Idahoans lost more than $35 million to cryptocurrency scams in 2024 and stakeholders urged protections for vulnerable residents.
The Senate State Affairs Committee voted on March 6 to send S 1359, the Virtual Currency Kiosk Fraud Prevention Act, to the 14th Order of Business for possible amendment after testimony from law enforcement and advocacy groups about scams tied to bitcoin and other kiosks.
Senator Ruchti said the bill aims to protect “Idaho's vulnerable populations from virtual currency kiosk scams” and recounted personal stakes, telling the panel he had family members who were victims of fraudulent schemes. He said kiosks currently lacked safeguards and that stakeholders had urged regulation.
Senator Ruchti cited a 2024 loss figure heard by the committee: “in 2024, Idahoans lost more than $35 million to crypto-currency scams, an increase of $19 million from 2023.” Lisa Anderson of AARP Idaho, Brad Thorne of the Boise Police Department and Zach Hessing of the Idaho Sheriffs Association testified in support, warning that financial fraud is a fast-growing threat to elderly and vulnerable Idahoans and that even losses of a few thousand dollars can be catastrophic.
Senator Toews and others said they supported further study and recognized the need for disclosures and protections, while voicing caution about creating excessive regulation. The committee voted to send the bill for possible amendment rather than immediately to the floor.
The referral to the 14th Order of Business denotes further committee work or draft changes before a final committee recommendation is made.
