JUNEAU – Tuesday SB 249 by Senator Cathy Tilton (R – Wasilla) – establishing a Consumer Bill of Rights for cryptocurrency kiosks – passed the House in unanimous vote.
The consumer protections offered by the bill include mandatory fraud warnings, requiring kiosk licensing, daily and monthly transaction limits, a transaction fee cap, law enforcement cooperation when fraudulent activity is reported, along with a right to refund when fraudulent activity is proven to be a scam.
According to the FBI Annual Report, more than 600 seniors in Alaska were victims of fraud, with losses of $16.25 million. The same report concluded that cryptocurrency kiosks are the fastest growing cash-out tool.
However, the issue was brought into focus when Senator Tilton’s own mother fell victim to a cryptocurrency kiosk scam.
“While Alaska welcomes technological innovation and financial freedom, it is important to ensure emerging technology cannot be weaponized against vulnerable Alaskans,” Senator Tilton said. “Our parents and grandparents spent their lives serving their state, communities, and families while working to build their savings. SB 249 honors the decades of work and service by protecting their hard-earned assets.”
The bill previously passed the Senate in a unanimous vote. Following a concurrence vote in the senate, SB 249 will be transmitted to Governor Mike Dunleavy (R – Alaska).
