Bills · S 710
IN COMMITTEE· 119TH CONGRESS
Senate BillS 710Finance and Financial Sector
Crypto ATM Fraud Prevention Act of 2025
INTRO FEB 25· LAST ACTION FEB 25
READING
13MIN
COSPONSORS
5
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it addresses a growing concern about financial fraud, particularly scams that pressure individuals to send money through virtual currency kiosks. If passed, it would provide a new layer of protection for consumers who might not fully understand the risks of crypto transactions or who are being manipulated by scammers.
Without this bill, the current regulatory framework might not adequately cover virtual currency kiosks, leaving a loophole that fraudsters exploit. By requiring registration and specific fraud warnings, the bill aims to make these transactions safer and more transparent. This could reduce financial losses for victims and provide law enforcement with better tools to track and prevent fraudulent activities, contrasting with the current situation where identifying and prosecuting such crimes can be more challenging.
KEY PROVISIONS
4AI-extractedPROVISION 01
Requires virtual currency kiosk operators to register with the Secretary of the Treasury and regularly provide updated lists of all their kiosk locations.
This aims to increase transparency and accountability for who operates crypto ATMs and where they are located, making it easier to track and regulate the industry.
PROVISION 02
Mandates that virtual currency kiosks display clear, conspicuous warnings about common consumer fraud schemes and the finality of virtual currency transactions.
This provision directly targets consumer protection by educating users about fraud risks and transaction characteristics before they complete a purchase or sale.
PROVISION 03
Requires customers to acknowledge the displayed disclosures and warnings each time they use a virtual currency kiosk for a transaction.
Ensures that customers actively confirm they have seen and understood the important information about fraud and transaction terms, reinforcing consumer awareness.
PROVISION 04
Requires virtual currency kiosk operators to provide a receipt for every transaction, including their name, contact information, and a customer service helpline.
This gives customers a record of their transaction and a clear point of contact for issues, which is crucial if they suspect fraud or need support.
SPONSORSHIP
1 + 5
D· Illinois
YRS IN OFFICE
43
BILLS LED
138
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 5 REP 0 IND 0
ACTION TIMELINE
2 EVENTSFEB 25
Introduced in Senate
FEB 25
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)
BILL INFO
TypeSenate Bill
NumberS 710
Congress119th
StatusIn Committee
IntroducedFeb 25, 2025
Last actionFeb 25, 2025
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IN COMMITTEE· 119TH CONGRESS · BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE · INTRODUCED FEB 25, 2025
Senate BillS 710Finance and Financial Sector
Crypto ATM Fraud Prevention Act of 2025
INTRODUCED FEB 25, 2025· LAST ACTION FEB 25, 2025
PASSAGE CHANCES
—%
READING
13 min
COSPONSORS
5
COMPLEXITY
Moderate
