Dear editor:
One of Senator Cynthia Lummis’ top priorities is to strengthen cryptocurrency in America, a policy position she shares with President Trump.
A longtime proponent of digital currencies, Sen. Lummis is currently leading the CLARITY Act, a legislative package that will establish responsible regulations for cryptocurrencies and keep digital assets safe for consumers.
As Sen. Lummis continues working on the CLARITY Act, she should consider including responsible consumer protections at crypto kiosks.
Crypto kiosks conveniently and quickly convert cash into a crypto investment, and many consumers rely upon this service to access cryptocurrency markets.
Some kiosk operators prioritize consumer protections to harden their devices against criminals, but other operators fail to take necessary steps to keep consumers safe.
Operators who do not take consumer protections jeopardize the service’s existence, with some states responding to these operators’ irresponsibility by enacting laws that function as de facto kiosk bans and reduce their residents’ access to digital asset markets.
Good faith kiosk operators, who care about their customers and their safety, should not be held accountable for the failures of their deeply flawed competitors.
As a crypto policy leader, Sen. Lummis should fight for national consumer protection requirements all kiosk operators must follow in the CLARITY Act and ensure crypto kiosks remain a viable access point for digital asset transactions.
These requirements should be modeled after the protocols responsible kiosk operators already self-impose to harden their machines against fraud or scams.
Kiosk operators have found success in fighting back against criminal activity through the use of blockchain analytics and live 24/7 customer service teams, both of which help quickly identify and stop high-risk transactions.
Some companies also require acknowledgement of an anti-scam disclosure before any transaction is allowed to move forward.
Reading this disclosure ensures that kiosk users are aware of common tactics used by criminals to defraud individuals of their money, giving consumers the chance to walk away if they believe something sketchy is going on.
Most importantly, these actions will not limit consumers’ ability to invest in digital currencies via a kiosk.
Thankfully, Sen. Lummis has already demonstrated an eagerness to learn about and embrace new products and ideas in the digital asset space.
As Sen. Lummis notes on her website, she believes in emerging technologies as a method for promoting financial inclusion and building new wealth for all.
Crypto kiosks are the perfect fit for her vision, introducing people to the world of digital currencies through something as simple and easy as a transaction at a physical machine.
With kiosks under fire, Sen. Lummis has a golden opportunity to once again make a lasting impact on the crypto economy by protecting this service many depend upon to participate in the digital asset markets.
Sincerely,
Rob Jennings
Jennings is the president of Cattleproof in Cheyenne and a founding member of the Wyoming Blockchain Coalition.
