Cryptocurrency Kiosks Discussed at Task Force Meetings

The Speaker’s Task Force on Elder Services, which is charged with drafting legislation to improve the lives of older adults in Wisconsin, held three hearings across the state to get feedback from experts. At every hearing, key stakeholders like AARP, law enforcement, and adult protective services asked the Task Force to stop cryptocurrency kiosk scams. Criminals are increasingly using these kiosks to steal millions from Wisconsinites by manipulating them into depositing cash into anonymous digital wallets. Investigations by the Iowa and Washington D.C. Attorneys General found that more than 90% of cryptocurrency kiosk transactions reviewed were scams.

AARP Wisconsin applauds the Speaker’s Task Force on Elder Services for highlighting this important consumer protection issue. We are asking the Task Force to draft a bill that puts common-sense consumer protections into Wisconsin law, like daily transaction limits. In fact, the Wisconsin Department of Financial Institutions (DFI) released guidance earlier this year designed to curb cryptocurrency kiosk fraud and reduce the amount of money that can be stolen from consumers by limiting daily transactions to $2,000 per customer.

To fully protect Wisconsinites from cryptocurrency kiosk scams, we need a bill that:

• Limits daily transactions to no more than $2,000 per user
• Caps the fees kiosk operators can charge users
• Allows scam victims to receive refunds from kiosk operators
• Requires kiosk operators to give users receipts

To view our full policy recommendations for the task force, click here.