Bill > SB2387

This bill establishes new regulations for digital financial asset transaction kiosks, which are machines that allow people to exchange U.S. currency for digital assets like Bitcoin. It sets daily and monthly transaction limits for customers, with a daily limit of $2,000 and a 30-day limit of $10,000, and prohibits new customers from exchanging more than $100 in U.S. currency for digital assets. The bill also prevents multiple customers from transacting with the same digital financial asset wallet address, which is a unique identifier for storing digital assets. Furthermore, starting January 1, 2030, these kiosks will be prohibited from accepting U.S. currency in exchange for digital assets, though they can still exchange one digital asset for another or for U.S. currency. Operators are required to use blockchain analytics and tracing software to prevent fraud, block transactions to wallets linked to illicit activity, and make specific disclosures to customers about risks, fees, and exchange rates in plain language. They must also display a prominent warning about potential scams and provide both paper and electronic receipts for all transactions. In cases of fraud, operators must issue full refunds under certain conditions, including the customer reporting the fraud within specific timeframes and providing a police or government report. The bill mandates live customer service during operating hours and a dedicated communication line for law enforcement agencies to facilitate fraud investigations, requiring operators to share their trace findings and blockchain analytics when requested.