Protecting consumers of virtual currency kiosks.



ENGROSSED SENATE BILL 5280

State of Washington

69th Legislature

2025 Regular Session

By Senators Kauffman, Christian, Nobles, Stanford, and Valdez; by request of Department of Financial Institutions

Read first time 01/15/25. Referred to Committee on Business, Financial Services & Trade.

AN ACT Relating to protecting consumers of virtual currency kiosks; amending RCW 19.230.150 ; adding a new section to chapter 19.230 RCW; and creating a new section.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1. The legislature finds that there is burgeoning financial fraud involving victims who are induced to purchase virtual currency and then are persuaded to open themselves to the theft of this purchase by sophisticated fraud rings.

The legislature further finds that the federal trade commission has reported that in 2023 it received more reports of imposter scams per million in population from Washington than from any other state, that scammers are increasingly convincing people to pay with virtual currency, and that virtual currency payments are difficult to trace and typically not reversible.