AARP has voiced support for a proposal in Washington to strengthen oversight of cryptocurrency kiosks, News.Az reports, citing Kiosk.
The proposed Senate Bill 5280 would impose tighter controls on crypto ATMs, citing a surge in scams and financial crimes linked to the machines.
***
Criminals frequently use crypto kiosks in scams involving tech support fraud, extortion, and government impersonation. Victims are instructed to withdraw cash and deposit it into a kiosk to purchase cryptocurrency, which is then sent directly to a scammer’s digital wallet. Because cryptocurrency transactions are irreversible, victims have little to no chance of recovering stolen funds.
“Fraud devastates victims and families—financially and emotionally,” said Cathy MacCaul, AARP Advocacy Director, in a press release. “Crypto kiosk scams are stealing millions from Washington families. Senate Bill 5280 is a critical step toward safeguarding our communities and protecting our loved ones.”
In 2024 alone, the FBI received nearly 11,000 complaints related to crypto kiosks, with reported losses totaling $246.7 million. Notably, 85% of those losses were suffered by people aged 60 and older. Advocates such as AARP emphasize that the impact of fraud extends beyond finances, causing significant emotional distress for victims and their families.
Proposed measures in Senate Bill 5280 include a $1,000 daily transaction cap, limits on transaction fees, mandatory paper receipts, and clear scam warnings displayed on all kiosks. Supporters argue these safeguards would help deter criminal misuse, assist law enforcement, and bring Washington in line with at least 18 other states that have already taken steps to regulate crypto kiosks and protect vulnerable residents.
