The Nebraska Legislature’s Banking, Commerce and Insurance Committee will hold a hearing on Feb. 3rd to discuss LB609, a bill aimed at regulating cryptocurrency kiosks and protecting consumers from related scams, according to a KPBY report. Introduced by State Senator Eliot Bostar and supported by AARP Nebraska, the bill proposes licensing requirements for kiosk operators, daily transaction limits, fraud warnings, transaction receipts and fee caps.
«Cryptocurrency kiosks are relatively new and remain largely unregulated at the state level compared to traditional financial institutions,» Jina Ragland, AARP Nebraska’s associate state director of advocacy and outreach, told the news outlet. «This lack of regulation has unfortunately allowed criminals to exploit these machines for theft.»
AARP Nebraska cites FBI data showing over $189 million in losses related to cryptocurrency kiosk scams in 2023, with individuals over 60 being disproportionately targeted. Nebraska residents reported $14.6 million in digital currency scam losses in 2023. The hearing will include testimony from AARP Nebraska, the Attorney General’s Office, the Better Business Bureau, law enforcement and consumers.