AARP has called on the Senate to preserve Section 205 of the CLARITY Act, which mandates cryptocurrency kiosk operators to register with the Treasury Department as money transmitters. This appeal comes amid rising concerns over scams targeting older Americans, with over 13,460 complaints and $389 million in losses reported. AARP emphasized the importance of maintaining state authority over kiosk regulations, highlighting that 29 states have enacted protections, including full bans in Indiana, Tennessee, and Minnesota.
In a letter to Senate Banking Committee leaders, AARP described cryptocurrency kiosks as a significant fraud vector affecting older Americans. The organization urged lawmakers to uphold both the federal registration requirement and state regulatory powers as the bill progresses. The FBI data cited by AARP underscores the urgency, with scams involving these kiosks proliferating in various public locations nationwide.
AARP Urges Senate to Retain Crypto Kiosk Regulation in CLARITY Act
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