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The Florida Senate is moving forward with a bill targeting cryptocurrency scams.
The bill would add more provisions on virtual currency kiosks, or “crypto ATMs.”
Senate Bill 198, sponsored by Tampa Bay Democrat Darryl Rouson, sets licensing and registration requirements for kiosk operators.
“Without these regulatory mechanisms, these scams will continue to grow, and more Floridians will lose their savings with no recourse,” Sen. Rouson said.
It also sets restrictions on how much owners can withdraw in a day, requires fraud warnings before a transaction, and calls for detailed electronic receipts.
“Right now, there’s a significant lack of oversight of these kiosks. That lack of guardrails makes these kiosks the tool of choice for scammers,” Sen. Rouson said.
The bill received support from AARP, the Elder Law Section of the Florida Bar, and others.
In a House committee, Hillsborough County Master Deputy Jeff Merry raised concerns about the kiosks, retelling how a Sun City Center woman lost thousands from a crypto scam.
The bill passed unanimously in the Senate Rules Committee. The House version is set to be heard on the floor.
If you or a family member has been a victim of a crypto scam, contact newsroom@wmnf.org