Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S1347-1348; text: CR S1348-1350)
The bill amends Title 31 to regulate virtual currency kiosks (crypto ATMs). It requires kiosk operators to register locations with the Treasury, adopt anti‑fraud policies, use blockchain analytics, provide disclosures and physical receipts, offer specified refunds for fraudulent transactions, impose transaction limits for new customers, designate a full‑time compliance officer, maintain live customer service and law‑enforcement contacts, and exposes violations to civil penalties.
Left prioritizes consumer protections; right prioritizes regulatory burden.
Narrow consumer-protection focus aids support, but industry compliance costs and privacy concerns may create opposition.
The bill amends Title 31 to regulate virtual currency kiosks (crypto ATMs).
It requires kiosk operators to register locations with the Treasury, adopt anti‑fraud policies, use blockchain analytics, provide disclosures and physical receipts, offer specified refunds for fraudulent transactions, impose transaction limits for new customers, designate a full‑time compliance officer, maintain live customer service and law‑enforcement contacts, and exposes violations to civil penalties.
The statute preempts conflicting state law but allows states to enact stronger consumer protections.
Targeted consumer-protection bill with measurable rules increases chance, but regulatory burden on industry, enforcement practicality, and contested crypto politics lower odds.
How solid the drafting looks.
Left prioritizes consumer protections; right prioritizes regulatory burden.
These are examples from the analysis, not a ranked list of the most-affected groups.
Left prioritizes consumer protections; right prioritizes regulatory burden.
Likely broadly supportive because the bill strengthens consumer protections and fraud remedies for vulnerable kiosk users.
It mandates clear disclosures, refunds, and limits targeting scams, aligning with consumer‑protection priorities.
Concerns would focus on ensuring privacy and access for underserved communities, and that compliance costs don't shift burdens onto low‑income users.
Shows cautious support for clearer consumer protections and anti‑fraud measures, while worrying about regulatory burden and implementation.
Views the bill as pragmatic but needs cost estimates, a reasonable compliance timeline, and clarity on enforcement mechanics.
Would favor tweaks to penalty levels and small‑business accommodations to reduce unintended consequences.
Likely generally opposed due to expanded federal regulation, reporting, and compliance mandates on kiosk operators.
Sees requirements as federal overreach that could raise costs, reduce service availability, and burden small businesses.
Prefers market‑based or state‑level approaches over new federal mandates and civil penalty regimes.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Targeted consumer-protection bill with measurable rules increases chance, but regulatory burden on industry, enforcement practicality, and contested crypto politics lower odds.
The bill has not accumulated any surfaced votes yet.
Left prioritizes consumer protections; right prioritizes regulatory burden.
Targeted consumer-protection bill with measurable rules increases chance, but regulatory burden on industry, enforcement practicality, and…
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