Lummis and Gillibrand Target Crypto Kiosks in 2023 Bill
Senators Lummis and Gillibrand push for new rules on crypto kiosks as part of broader crypto market reforms.
- The bill targets unregulated crypto kiosks across the U.S.
- It’s part of a broader push for crypto market structure reforms.
- Lawmakers aim to reduce fraud and boost transparency.
Senator Cynthia Lummis and Senator Kirsten Gillibrand are taking aim at one of the more overlooked aspects of the crypto ecosystem—crypto kiosks. These machines, often found in gas stations or convenience stores, allow users to buy and sell cryptocurrencies quickly. However, many of them operate with little to no oversight, making them attractive targets for bad actors.
The senators’ 2023 bill includes provisions that specifically address this issue. By calling for tighter regulations on crypto kiosks, Lummis and Gillibrand are looking to plug a gap in the current U.S. financial regulatory system.
According to Lummis, this move is not isolated—it’s part of a larger effort to bring clarity and structure to the crypto market.
A Piece of a Bigger Puzzle
Crypto kiosk regulation is just one piece of the senators’ broader legislative push. Their 2023 bill is a comprehensive approach aimed at setting up a clear and fair regulatory framework for digital assets in the U.S.
By focusing on market structure reforms, the bill seeks to define which agencies oversee specific parts of the crypto industry, such as whether the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC) should regulate certain tokens.
The regulation of crypto kiosks fits into this larger puzzle by addressing consumer protection and preventing illicit activities like money laundering and fraud, which are more likely in loosely regulated environments.
What This Means for the Crypto Industry
For the crypto industry, this is a signal that the U.S. government is getting more serious about tightening its oversight. Businesses operating kiosks may need to meet new compliance standards, while consumers can expect safer and more transparent transactions.
Although some in the crypto community may see this as overreach, others believe regulation will bring legitimacy and attract more mainstream adoption.
With bipartisan support from both Lummis and Gillibrand, this bill could become a cornerstone in future U.S. crypto legislation.
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