The Florida Senate is progressing with legislation aimed at curbing scams involving cryptocurrency ATMs. Senate Bill 198, introduced by Senator Darryl Rouson, introduces stricter regulations for these kiosks to protect consumers from fraud. The measure has garnered support from various advocacy groups and passed a key committee unanimously.
The Florida Senate has taken steps to address rising cryptocurrency scams by advancing Senate Bill 198, which focuses on virtual currency kiosks known as crypto ATMs. Sponsored by Tampa Bay Democrat Darryl Rouson, the bill establishes licensing and registration requirements for operators of these machines.
Sen. Rouson emphasized the need for regulation, stating, “Without these regulatory mechanisms, these scams will continue to grow, and more Floridians will lose their savings with no recourse.” The legislation imposes limits on daily withdrawal amounts, mandates fraud warnings prior to transactions, and requires operators to provide detailed electronic receipts.
Highlighting the current regulatory gaps, Sen. Rouson added, “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.”
The bill has received backing from organizations including AARP and the Elder Law Section of the Florida Bar. During a House committee hearing, Hillsborough County Master Deputy Jeff Merry shared concerns by recounting the experience of a woman from Sun City Center who lost thousands of dollars in a crypto scam.
Senate Bill 198 passed unanimously in the Senate Rules Committee. Meanwhile, the companion bill in the House is scheduled for consideration on the floor.
