"We write to express our strong support for provisions in the market structure legislation released ahead of the Committee's markup. Cryptocurrency kiosks now operate in supermarkets, convenience stores, gas stations, bars, and restaurants nationwide. Scammers impersonating government officials, tech support representatives, or businesses persuade victims to withdraw cash and deposit the money into a kiosk. The transferred funds then move directly into digital wallets controlled by criminals, making recovery n"
"AARP supported Section 205 because cryptocurrency kiosks are linked to fraud against older Americans. Losses cited by the group exceeded $389 million across more than 13,460 complaints. Lawmakers may weigh federal registration rules while preserving state authority over kiosk safeguards."
"The group urged lawmakers to preserve Section 205, which would require cryptocurrency kiosk operators to register with the Treasury Department as money transmitters while protecting state power to regulate the machines. In a letter dated May 13 from Bill Sweeney, AARP's senior vice president of government affairs, to Chairman Tim Scott and Ranking Member Elizabeth Warren, the group described Section 205 as a critical safeguard against cryptocurrency kiosk fraud targeting older Americans."
Cryptocurrency kiosks are expanding into everyday retail locations nationwide. Scammers impersonate government officials, tech support representatives, or businesses to persuade victims to withdraw cash and deposit it into kiosks. The deposited funds then move into digital wallets controlled by criminals, making recovery difficult. AARP supports Section 205 in the CLARITY Act market structure legislation. The provision would require kiosk operators to register with the Treasury Department as money transmitters. AARP also urges lawmakers to preserve state authority to regulate kiosk safeguards. AARP cites losses exceeding $389 million across more than 13,460 complaints involving older Americans.
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