Senate bill aims to protect seniors from crypto scams

AN UPHILL BATTLE IF IT REACHES THE NEW HAMPSHIRE HOUSE. IN MANCHESTER. WE’VE HAD ABOUT 66 CASES IN THE LAST FOUR YEARS, TOTALING OVER $1 MILLION, AND OUR AVERAGE AGE OF OUR VICTIM IS ABOUT 73 YEARS OLD. POLICE SAY THE SCAMMERS WHO TARGET SENIORS, TRICKING THEM SO THEY CAN STEAL THEIR CASH VIA CRYPTOCURRENCY ATMS ARE SHOCKINGLY EFFECTIVE. THEY INITIATE, USUALLY BY SOME TYPE OF IMPOSTER, IMPERSONATING FEDERAL AGENTS OR LAW ENFORCEMENT, AND THEY GET THE FOLKS TO STAY ON THE PHONE WITH THEM FROM START TO FINISH, WHICH CAN BE UP AS FAR AS EIGHT HOURS A DAY. THE FRUSTRATING PART WITH THESE CRIMES IS THAT THEY’RE LARGELY UNTRACEABLE. SENATE BILL 482 SEEKS TO CRACK DOWN ON THAT FRAUD. IT WOULD CAP INDIVIDUAL DAILY DEPOSITS INTO CRYPTO ATMS AT $2,000. ESTABLISH A FIVE DAY REFUND PERIOD. REQUIRE OPERATORS TO PROVIDE RECEIPTS AND ALLOW CITIES AND TOWNS TO ENACT EVEN MORE STRINGENT REGULATIONS. THIS IS A COMMON SENSE, REASONABLE APPROACH TO PROVIDING SOME REASONABLE GUARDRAILS ON THE USE OF THESE MACHINES, NOT ONLY FOR SENIORS BUT FOR PEOPLE OF ALL AGES TO PROTECT THEMSELVES FROM BECOMING A VICTIM OF FRAUDULENT SCHEMES. SENATE OPPONENTS OF THE BILL CALL IT CONDESCENDING AND SAY IT REGULATES A BUSINESS THAT DOES NOT NEED TO BE REGULATED. IF THE BILL PASSES, IT WILL FACE SKEPTICISM. IN THE NEW HAMPSHIRE HOUSE, KEY STATE REPS LIKE KEITH AMMON, A LEADING VOICE ON CRYPTOCURRENCY POLICY IN THE LEGISLATURE, DO NOT SUPPORT THE AMENDED VERSION OF THE BILL, CALLING FOR LIGHTER TOUCH REGULATIONS. THIS BILL IS LIKELY TO SEE MORE NEGOTIATION AND COMPROMISE IN ORDER TO ENSURE SOME CONSUMER PROTECTIONS REACH THE GOVERNOR’S DESK. THIS BIPARTISAN SPONSORSHIP, AND I SUSPECT WE’LL SEE BROAD SUPPORT IN BOTH BODIES AND EVENTUALLY G