Bill > HB1642

This bill, effective October 1, 2026, prohibits the ownership, operation, or management of digital financial asset transaction kiosks, commonly known as cryptoATMs, that accept United States currency from customers in exchange for digital financial assets, which are digital representations of value not considered legal tender. The legislature finds these kiosks pose a significant risk to consumers, as they are increasingly used to facilitate scams, particularly targeting older individuals, with victims losing millions of dollars annually due to the difficulty of recovering funds once they are routed to offshore platforms. The bill defines "digital financial asset transaction kiosk" as a device that exchanges cash or uses credit cards for digital financial assets, and "operator" as anyone who owns, operates, or manages such a kiosk. While the bill prohibits using these kiosks to exchange cash for digital assets, it allows them to be used for exchanging one digital financial asset for another, or for exchanging digital financial assets for United States currency.