Bill > S710

This bill aims to establish comprehensive regulations for virtual currency kiosks (standalone machines that exchange legal tender for digital currency) to prevent fraudulent transactions. The legislation requires virtual currency kiosk operators to register their kiosk locations with the Treasury Department every 90 days, providing detailed information such as legal names, physical addresses, and virtual currency addresses. Operators must implement several fraud prevention measures, including: prominently displaying consumer warnings about common scams, providing detailed transaction receipts, developing and submitting an anti-fraud policy to the Financial Crimes Enforcement Network (FinCEN), designating a compliance officer, and using blockchain analytics to detect suspicious transactions. For new customers, the bill mandates additional protections like verbal confirmation for transactions over $500 and limits on transaction amounts ($2,000 per 24-hour period and $10,000 total). The legislation also establishes a mandatory refund process for customers who can prove they were fraudulently induced into a transaction, with potential enhanced damages for operators who wrongly deny refunds. Violations can result in civil penalties of $10,000 per infraction, and the law allows states to implement additional consumer protections beyond the federal requirements.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/710/all-info