ANCHORAGE – Tuesday Senator Cathy Tilton (R — Wasilla) announced that SB249 has been become Alaska State Law. The bill provides critical new protections for Alaska seniors and families against the growing threat of fraud involving virtual currency kiosks.

“With FBI reports showing a sharp increase in senior fraud across Alaska, I am proud that SB249 has been become law,” said Senator Tilton. “Almost everyone I know has received, or knows someone who has received, a text, email, or phone call that is fraudulent. This legislation was inspired by my own mother’s experience as a victim of a cryptocurrency scam. That personal experience drove my determination to protect others from the same devastating harm.” 

The Consumer Bill of Rights detailed in SB 249 entails:

• Requiring all cryptocurrency kiosk operators to obtain a license and registration.
• Mandatory fraud warnings on each machine.
• Sensible daily and monthly transaction limits.
• Capping transaction fees.
• Establishing a pathway to liability refunds in cases of proven fraud.
• Utilizing software to assist in law enforcement investigations.

Senator Tilton would like to thank AARP for their powerful advocacy on behalf of seniors, Representative Elexie Moore (R – Wasilla) for sponsoring the companion bill, and her legislative colleagues in both chambers along with the Executive Branch for their support in enacting these important protections.

Moving forward, the Senate Republican Caucus will continue to promote and pursue legislation that provides necessary protections for Alaskans. 

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