Stop Crypto ATM Scams Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Stop Crypto ATM Scams Act, aims to increase oversight of digital asset kiosks in the United States. It requires operators to register with the Treasury Department and comply with anti-money laundering and anti-fraud regulations. The bill also establishes limits on transaction values for new and existing customers to mitigate potential risks associated with these kiosks, and mandates disclosures to customers about transaction details and associated fees.
Key provisions
- Requires digital asset kiosk operators to register with the Treasury Department.
- Mandates operators to submit a list of kiosk locations to the Treasury Department on a regular basis.
- Establishes daily and total transaction limits for new and existing customers.
- Requires operators to implement anti-money laundering programs and report suspicious transactions.
- Demands clear disclosures to customers regarding transaction terms, fees, and risks.
- Requires operators to provide scam warnings to customers before transactions.
- Establishes a process for refunds for customers who are fraudulently induced into transactions.
- Authorizes State regulatory agencies to issue decals for compliant kiosks.
Who is affected
- Digital asset kiosk operators
- Customers of digital asset kiosks
- The Treasury Department
- State regulatory agencies
- Financial Crimes Enforcement Network
Bill text
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Sponsors
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3 on record
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Cosponsors
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