An Act to stop cryptocurrency ATM misuse ("SCAM" Act)
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill, known as the "SCAM" Act, aims to address potential fraud and misuse associated with cryptocurrency ATMs in Massachusetts. It seeks to establish regulations for these kiosks to prevent illicit activities and protect consumers. The legislation builds upon previous proposals to regulate virtual currencies and combat fraud within the cryptocurrency industry.
Key provisions
- Requires cryptocurrency ATM operators in Massachusetts to register with the state.
- Mandates operators to implement security measures to prevent theft and fraud.
- Establishes reporting requirements for ATM transactions.
- Creates a system for tracking cryptocurrency ATM locations.
- Allows the state to investigate and penalize fraudulent activities related to ATMs.
- Defines the scope of ‘virtual currency’ for regulatory purposes.
- Requires operators to maintain records of transactions.
- Establishes a process for consumers to report suspicious activity.
Who is affected
- Cryptocurrency ATM operators
- Consumers using cryptocurrency ATMs
- The Commonwealth of Massachusetts
- Financial institutions
- The cryptocurrency industry
Notable changes
- Builds on previous legislation (S.707 and S.757) to regulate virtual currencies.
Bill text
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Sponsors
Official sponsors from legislative records.
17 on record
Primary sponsor
Joint Committee on Financial Services
Cosponsors
Bradley H. Jones Jr.
Jacob R. Oliveira
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