The use of cryptocurrency or virtual currency kiosks by scammers has grown drastically in a small amount of time. These kiosks look like an ATM, but consumers use them for virtual currency transactions. The Federal Trade Commission reported that consumers lost of over $110 million in 2023 from these kiosks, which was a tenfold increase since 2020. The median loss from cryptocurrency scams reported by individuals in the first half of 2024 was $10,000 with over $65 million total lost. People 60 and over are more than three times as likely as younger adults to report a loss using a virtual currency kiosk.
 
Scammers use cryptocurrency kiosks to defraud individuals because there are no government regulations or insurance for consumers who use virtual currency and, therefore, it is almost impossible for individuals who have been scammed to get their money back. This practice needs to be stopped.
 
For this reason, I will be introducing legislation to require all virtual currency kiosks in Pennsylvania to provide disclosures of the risk and volatility of virtual currency. My legislation will also require a prominent notice displayed on the kiosk to warn individuals that virtual currency kiosks are sometimes used for scams and transactions are not recoverable. Additionally, a maximum daily transaction limit for each customer will be set as a means of preventing scammers from duping individuals out of a large sum in a single transaction.
 
I hope you will join me in co-sponsoring this legislation that will help prevent all Pennsylvanians from falling victim to virtual currency kiosk scams.