What does Preamble of Crypto ATM Fraud Prevention Act of 2025 do?

This bill, formally titled 'To amend title 31, United States Code, to prevent fraudulent transactions at virtual currency kiosks, and for other purposes,' aims to prevent fraudulent transactions at virtual currency kiosks.

What does SHORT TITLE. of Crypto ATM Fraud Prevention Act of 2025 do?

This bill is formally titled the Crypto ATM Fraud Prevention Act of 2025.

What does REGISTRATION WITH THE SECRETARY OF THE TREASURY. of Crypto ATM Fraud Prevention Act of 2025 do?

This section amends title 31 of the United States Code, specifically section 5330. It expands the definition of 'similar instruments' to include virtual currency kiosks and their operators. It defines 'virtual currency', 'virtual currency address', 'virtual currency kiosk', and 'virtual currency kiosk operator' based on section 5337. The Secretary of the Treasury is required to mandate virtual currency kiosk operators to submit updated lists of kiosk locations every 90 days. These submissions must include the operator's legal and trade names, kiosk addresses, start and end dates of operation, and virtual currency addresses used. Providing false or incomplete information in these submissions constitutes a failure to comply with the subsection's requirements.

What does PREVENTING FRAUDULENT TRANSACTIONS AT VIRTUAL CURRENCY KIOSKS. of Crypto ATM Fraud Prevention Act of 2025 do?

This section amends Title 31 of the United States Code to add Section 5337, concerning virtual currency kiosk fraud prevention. It defines key terms related to virtual currency kiosks and transactions, including 'blockchain analytics,' 'customer,' 'virtual currency kiosk operator,' and 'transaction hash'. Virtual currency kiosk operators are required to disclose terms and conditions, warnings about fraud, and customer service contact information to customers before transactions. Operators must obtain verbal confirmation from new customers for transactions exceeding $500 and provide receipts with detailed transaction information. Operators must establish and maintain a written anti-fraud policy, submit it to FinCEN, and designate a compliance officer. Operators are required to use blockchain analytics to prevent fraudulent transactions and are subject to transaction limits for new customers. Customers who suspect fraud may be eligible for refunds under certain conditions, and operators face penalties for denying valid refund requests. Operators must provide a customer service helpline available during all operating hours and establish communication channels with law enforcement.

What does EFFECTIVE DATE. of Crypto ATM Fraud Prevention Act of 2025 do?

This section establishes the effective date for the amendments made by this Act.

Back to bills

Crypto ATM Fraud Prevention Act of 2025

Last updated: 2/25/2025 · Introduced: 2/25/2025

Author: Richard Durbin (D-IL)

TL;DR (AI)

The bill expands registration requirements under the Bank Secrecy Act to include virtual currency kiosk operators, mandating regular submissions of kiosk location and operational details to the Secretary of the Treasury.
Virtual currency kiosk operators must implement anti-fraud measures, including disclosing terms and conditions, obtaining verbal confirmation for large transactions, and utilizing blockchain analytics to prevent fraud.
The bill establishes a process for customers to potentially receive refunds for fraudulent transactions and imposes penalties on operators who improperly deny valid refund requests.

119th Congressin committeeOfficial page

Verified Votes

No verified votes yet.

Community Votes

No community votes yet. Be the first!

Voting as guest · Sign in for verified votes

Other Sections

Includes provisions on preamble, short title., and 3 more.

5 sections

Click "Show details" to explore individual sections. Use the community vote above or visit All Sections to vote per section.

Read official text

Want the full experience?

Create a free account to cast verified votes on each section, get a personalized summary, and track your voting history.

Create Free Account