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 Crypto ATM Fraud Prevention Act of 2025 requires operators of cryptocurrency ATMs (called "virtual currency kiosks") to register with the U.S. Treasury Department and implement strict anti-fraud measures to protect consumers from scams. Operators must provide clear disclosures and warnings before transactions, issue physical receipts with transaction details, hire full-time compliance officers, and use blockchain analytics to detect fraudulent activity. The bill also limits new customers to $2,000 per day and $10,000 total in transactions, requires verbal confirmation for transactions over $500, and mandates that operators offer refunds within 30 days for customers defrauded into using the kiosks. Operators who violate these requirements face civil penalties of $10,000 per violation, with each day of non-compliance counting as a separate violation. The law takes effect 90 days after enactment and allows states to impose even stricter protections if they choose.
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