Senate unanimously sends Sen. Curry bill to crack down on cryptocurrency kiosk scams to Governor’s desk

Posted: June 10, 2025 | Health Coverage, Insurance and Financial Services, Senator Curry

AUGUSTA — On Tuesday, June 10, the Maine Senate voted unanimously to pass legislation from Sen. Chip Curry, D-Waldo, to regulate cryptocurrency kiosks and protect Mainers from fraud.

LD 1339, “An Act to Regulate Virtual Currency Kiosks,” would establish licensing and consumer protection requirements for cryptocurrency kiosks — also known as virtual currency ATMs — that exchange cash for cryptocurrency. These kiosks have increasingly been used by scammers to defraud Mainers, especially seniors.

“I’ve heard first-hand accounts from constituents and local law enforcement that these kiosks are being used to scam Mainers out of tens of thousands of dollars, especially older Mainers and those living in rural communities,” said Sen. Curry. “These aren’t isolated incidents. They’re part of a growing pattern of international criminal networks targeting Maine and preying on our most vulnerable citizens. This bill ensures that operators of these machines are held to clear standards, that consumers are informed and protected and that there are real remedies in place when things go wrong. As new technologies emerge, we need to be proactive in making sure Mainers aren’t left vulnerable.”

The bill would:

  • Require operators to be licensed as money transmitters in Maine
  • Limit daily transaction amounts to $1,000 per customer
  • Cap transaction fees at the greater of $5 or 3%
  • Require clear disclosure of risks and exchange rates
  • Mandate transaction receipts that include blockchain information
  • Guarantee full refunds for fraud victims who meet certain reporting criteria
  • Prohibit companies from asking consumers to waive their rights

LD 1339 also includes a reporting requirement for the Department of Professional and Financial Regulation to evaluate the law’s effectiveness and recommend future action to the Legislature. The legislation was introduced at the request of the Department following an FBI report showing that cryptocurrency fraud cost Mainers more than $31 million in 2024.

LD 1339 was approved by the House of Representatives earlier this week and now goes to the desk of Governor Janet Mills, who has 10 days to sign the bill, veto it or allow it to go into law without her signature.

Sen. Curry is serving his third term in the Maine Senate, representing all of Waldo County. He serves as the Senate Chair of the Housing and Economic Development Committee and sits on the Criminal Justice and Public Safety Committee.