Sponsors (5)
The bill strengthens oversight, consumer protections, and fraud detection for virtual-currency kiosks but does so by imposing recurring compliance requirements, substantial penalties, and centralizing sensitive data—raising costs, privacy risks, and potential reductions in kiosk availability.
Law enforcement, regulators, and the general public benefit because kiosks must register locations regularly and operators must run blockchain analytics and report suspicious activity to FinCEN, improving detection and prevention of illicit transactions and fraud.
Customers gain stronger consumer protections because kiosks must provide clear pre-transaction disclosures, live customer service and law-enforcement contact info, standardized receipts/recordkeeping, and refund remedies for fraud (including full refunds for new customers).
Consumers and market participants benefit from greater transparency and standardized reporting (operator location registration and FinCEN-regulated records), which can raise market integrity and consumer confidence in kiosk-based virtual-currency purchases.
Small-business kiosk operators and consumers face higher costs because recurring compliance requirements (90‑day location reporting, blockchain analytics, full-time compliance staff, live support, and standardized recordkeeping) increase administrative burdens that may raise prices or reduce kiosk availability.
Customers and operators face heightened privacy and surveillance risks because the law centralizes sensitive data (kiosk locations, transaction hashes, customer names/contacts, receipts) with regulators, increasing the consequences of breaches or government/third‑party access to transaction data.
Small operators face significant legal and financial exposure because civil monetary penalties (e.g., $10,000 per violation per day) and strict enforcement for filing errors could result in large fines or business disruption even for inadvertent mistakes.
Based on analysis of 4 sections of legislative text.
Requires crypto ATM operators to register kiosks and addresses, provide on-screen transaction disclosures and acknowledgments, keep records, and follow FinCEN rules with penalties for noncompliance.
Introduced February 25, 2025 by Richard Joseph Durbin · Last progress February 25, 2025
Requires operators of physical cryptocurrency kiosks (crypto ATMs) to register and regularly update each kiosk’s physical address and virtual-currency addresses with the Treasury, to give clear pre-transaction disclosures to customers and obtain affirmative acknowledgments for each transaction, and to follow new recordkeeping, reporting, and anti-fraud rules enforced by Treasury/FinCEN with civil and criminal penalties for noncompliance. The law adds definitions and deadlines, directs Treasury/FinCEN to issue rules and reports, and makes the new requirements effective 90 days after enactment (with the first operator submissions due within 90 days of that effective date).