Hope it covers Trump’s crypto coin
“Cryptocurrency ATMs are kiosks that allow users to deposit cash and easily convert it into cryptocurrency. We’ve seen victims in our own communities lose thousands of dollars when scammers direct them to send cash through these machines. Rhode Island, compared to some neighboring states, is behind the curve on regulating this new technology,” said Chairwoman Gu (D-Dist. 38, Westerly, Charlestown, South Kingstown).
“Crypto ATMs are unfortunately an
increasingly common way for criminals to get away with their ill-gotten gains
and without increased regulation, this trend will only accelerate.”
“Crypto ATMs look a lot like regular ATMs, and you can find them across Rhode Island in convenience stores, laundromats, liquor stores and smoke shops. You’ve probably walked by one without even knowing it. They have no transaction limits, and once money is deposited to a scammer, there is virtually no way to recover it. Regulation of these kiosks is long overdue. It’s our responsibility as lawmakers to protect Rhode Islanders – especially the elderly – from scammers and techno-criminals, and this legislation is an important part of fulfilling that responsibility,” said Representative Casimiro (D-Dist. 31, North Kingstown, Exeter).
“This important legislation will deter criminals from using crypto ATMs for
fraudulent activity by creating important safety measures and consumer
protections. Older Rhode Islanders have worked hard to save for a secure
retirement. AARP applauds the General Assembly for ensuring that Rhode
Islanders’ savings remain where they belong and not in a criminal’s digital
wallet,” said Catherine Taylor, AARP Rhode Island state director.
The legislation (2025-S 0016A, 2025-H 5121A) states that each crypto ATM operator must
register with the Department of Business Regulation as a money transmitter, and
is required to provide live customer service Monday thru Friday, 8 a.m. to 10
p.m. EST.
Daily limits would be set to $2,000 per day for new customers and $5,000 per
day for existing customers. New customers are defined as utilizing the
ATMs of a licensed operator for the first time and for 30 days
thereafter. Existing customers include any person who has utilized the
ATM of a licensed operator for more than 30 days after first use.
A new customer can receive a full refund if they report it to law enforcement
as fraud within 90 days. An existing customer can receive a refund of the
transaction fees if they report it to law enforcement as fraud within 90 days.
In both cases, the customer must notify both the ATM operator and law
enforcement.
Operators would be required to provide numerous statutory disclosures
(including fees) and warnings to protect and inform users, and the company must
provide a detailed paper receipt of all transactions with statutory
requirements.
The bill now heads to the governor for consideration.
