Sen. Weaver Secures Final Approval for Bill Protecting Oklahomans from Cryptocurrency and Bitcoin ATM Scams

OKLAHOMA CITY – Senator Darrell Weaver, R-Moore, secured final legislative approval for Senate Bill 1083 Thursday. The measure aims to protect Oklahoma consumers from fraudulent activity at digital asset kiosks, such as cryptocurrency ATMs or bitcoin ATMs.

Under the provisions of the measure, digital asset kiosk operators would be required to obtain a license from the Oklahoma Banking Department before they can initiate transactions. Operators of these electronic terminals would also be required to disclose the location of each kiosk operating in the state.

“Senate Bill 1083 is among the first pieces of legislation passed aimed at combating fraudulent scams involving digital asset kiosks,” Weaver said. “The protections outlined in this bill will ensure accountability for those who seek to exploit unknowing users, as well as provide additional safeguards for consumers. This is a proactive step toward protecting Oklahomans, especially seniors and other vulnerable individuals, as we work to modernize our laws to keep pace with emerging financial technologies.”

The consumer protection provisions of the measure ensure that operators disclose the terms and conditions associated with the digital products or services and require a receipt to be provided to the customer. Additionally, the bill provides that any consumer who has been a victim of fraudulent digital asset transactions may file a civil suit against the kiosk operator, in addition to outlining fines and terms of imprisonment for those found guilty of this form of fraud.

To reduce further risks of exploitation, SB 1083 establishes a cap on digital asset kiosk transaction fees. Additionally, the measure requires all digital asset kiosk operators to establish and maintain an anti-fraud policy.

Weaver thanked the House author of the bill, Representative Mark Lepak, R-Claremore, as well as the other lawmakers, organizations, and stakeholders who helped to craft SB 1083 and send it to the governor’s desk.

Upon being signed into law, Senate Bill 1083 will take effect Nov. 1.

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For more information, contact:

Sen. Darrell Weaver at 405-521-5569 or email Darrell.Weaver@oksenate.gov.