Jacksonville, Florida, December 12, 2025
In a significant move, Florida lawmakers are advancing a bill aimed at regulating cryptocurrency ATMs to enhance consumer protection. With increasing scams targeting seniors, the proposed legislation seeks to place mandatory warnings and transaction limits on kiosks. The House Insurance & Banking Subcommittee unanimously approved the bill, which aims to prevent further financial losses among vulnerable elderly citizens. Support from various organizations underscores the demand for consumer safeguards in the growing cryptocurrency sector.
Florida Lawmakers Advance Bill to Regulate Crypto ATMs and Protect Seniors from Scams
Jacksonville, Florida – Florida lawmakers are taking significant steps to enhance consumer protection concerning cryptocurrency ATMs, also known as virtual currency kiosks. With reports of elderly citizens losing substantial savings to scams, a proposed bill has gained unanimous approval from the House Insurance & Banking Subcommittee. The legislation aims to implement measures that safeguard consumers by mandating warning signs and establishing transaction limits on these kiosks, a move seen as crucial given the increasing prevalence of scams targeting seniors, particularly in the state.
As the cryptocurrency landscape continues to grow and attract users, the potential for fraud has emerged as a serious concern. The proposed regulation represents not just a protective measure for seniors but also an opportunity to promote responsible practices within the crypto industry while allowing entrepreneurial efforts to continue. The balance between safeguarding consumers and fostering innovation is vital to supporting Jacksonville’s economic growth.
Details of the Proposed Legislation
The legislative proposal is designed to impose requirements on owners of cryptocurrency kiosks to enhance consumer awareness. Key provisions of the bill include:
- Mandatory warning signs on kiosks, advising users to stop transactions if approached by individuals claiming to be government agents or representatives.
- Daily transaction limits for inexperienced users set at $2,000 and $10,500 for established customers, intended to minimize potential losses in cases of fraud.
- Requirements for operators to provide electronic receipts for all transactions and to have refund procedures in place.
Impact on Senior Citizens
A particularly alarming trend has been the targeting of older Americans by fraudsters urging them to withdraw large sums of cash to convert into cryptocurrency via ATMs. Research indicates that seniors are often misled into thinking they need to take immediate action to protect their finances, leading to devastating financial losses. A prominent case featured a 73-year-old woman who lost a staggering $77,000 after being convinced to deposit her savings into a crypto ATM. Such incidents highlight the urgent need for protective measures.
Support for the Legislation
The proposed bill has received backing from several organizations, including AARP, the Florida Bankers Association, and the Florida Credit Union Association, illustrating a broad endorsement of the need for consumer protections in the cryptographic sector. Notably, a representative from a major kiosk operator has called the legislation a “good compromise,” indicating a willingness within the industry to ensure that their operations do not inadvertently contribute to fraudulent activities.
Background on Crypto ATM Scams
The scope of crypto-related scams has proven troubling, with the FBI reporting nearly $250 million in losses nationwide in 2024. Older Americans particularly stand out as vulnerable, having lost over $107 million to these scams—a figure that is notably greater than losses suffered by their younger counterparts. This alarming trend underscores the significance of legislative action intended to protect the most susceptible members of our community, especially in Florida.
Next Steps
The proposed legislation is slated for further consideration in the upcoming legislative session beginning January 13. If passed, this bill would implement critical consumer protections focused on safeguarding seniors from fraudulent activities and enhancing the overall integrity of the cryptocurrency ATM market.
FAQ
What is the proposed legislation in Florida regarding crypto ATMs?
The proposed legislation in Florida aims to regulate cryptocurrency ATMs by requiring owners to display warning signs on the machines and imposing transaction limits to protect consumers, particularly seniors, from scams.
How do crypto ATM scams typically target seniors?
Scammers often convince seniors to withdraw cash from banks and deposit it into crypto ATMs, converting the money into untraceable cryptocurrency. For example, a 73-year-old woman withdrew $77,000 from her bank account after being convinced through a series of phone calls that her account had been hacked and that she needed to safeguard the money. She followed directions to put it into a crypto ATM at a Walgreens store and lost the money.
What organizations support the proposed legislation?
The bill has garnered support from various organizations, including the senior-advocacy group AARP, the Florida Bankers Association, and the Florida Credit Union Association.
What are the next steps for the proposed legislation?
The bill is scheduled for consideration in the upcoming legislative session starting January 13. If passed, it will implement measures to safeguard consumers, especially seniors, from falling victim to crypto ATM scams.
Key Features of the Proposed Legislation
| Feature | Description |
|---|---|
| Warning Signs | Owners of crypto kiosks must display prominent warnings advising consumers to stop transactions if directed to the machine by unknown individuals claiming to be government agents, bill collectors, or law enforcement officers. |
| Transaction Limits | Daily transactions for new customers are capped at $2,000, and for existing customers at $10,500. |
| Electronic Receipts | Operators are required to provide electronic receipts for transactions. |
| Refund Requirements | The bill includes provisions for refund requirements to protect consumers. |
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Author: STAFF HERE JACKSONVILLE WRITER
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