Op-ed: Sen. Tillis Should Make Crypto A Part of His Legacy
by: Jason Hefner
Coin Drop Amusements- Winston Salem NC
Senator Thom Tillis’ decision not to seek re-election next year gives him a rare opportunity in the coming months: more freedom to lead boldly on the most pressing issues of our time. As he enters his final stretch in the Senate, one way he can cement his legacy as a pro-innovation, pro-business lawmaker is by championing smart, federal policy for cryptocurrency.
Roughly 65 million Americans own some type of cryptocurrency, and crypto kiosks provide access to the digital economy for many who prefer to use cash for their transactions. Found in convenience stores and retail locations across the country, these machines allow consumers to convert cash into crypto easily and securely. They are already regulated at the federal level as money service businesses and adhere to strict consumer protection policies, similar to banks and credit unions.
Unfortunately, like other financial products, crypto kiosks have been occasionally exploited by scammers to separate consumers from their hard-earned cash. These scams should be addressed through thoughtful action from policymakers but, in a concerning development, public officials across the country have taken the wrong path.
Rather than focusing on the criminals committing the fraud, several state leaders have targeted the kiosks themselves. For example, states have enacted laws establishing transaction limits and moratoriums on new kiosks, blaming the technology instead of the fraudsters. That kind of scapegoating may generate headlines, but it simply won’t stop scams. Worse yet, it risks cutting off a legitimate service relied upon by Americans who are underbanked or hesitant to sharing their personal information with an online exchange.
This approach stands in stark contrast to Congressional Republicans work to support the broader crypto industry. Count Senator Tillis among the Republicans who are working to keep crypto a safe and viable investment option for American consumers. He was a vocal proponent of the bipartisan GENIUS Act, a crypto bill that passed the Senate with broad GOP support. More crypto legislation is on the horizon, and Senator Tillis should continue to lead on this issue by protecting both innovation and consumers.
Senator Tillis can help chart that course when it comes to crypto kiosks. Rather than banning or restricting kiosk access, Congress should pass federal legislation that sets clear, common-sense standards for consumer protection at kiosks – which some good-faith operators in the industry already self-impose. That includes requiring tools like blockchain analytics that can help identify transactions to high-risk digital wallets, clear anti-scam warnings, and live customer service at every kiosk in America.
Codifying these industry-backed policies into a national framework would stop the patchwork of harmful state policies before they spread further. It would also provide regulatory clarity for businesses in the crypto space while protecting consumers.
As crypto’s popularity ascends, Senator Tillis can play a pivotal role in ensuring the digital asset economy remains open to all Americans. Championing smart federal crypto regulations aligns with his support for innovation, economic growth, and law enforcement. Senator Tillis signaled his intent to keep working on cryptocurrency policy this term by signing onto a set of principles for potential market structure legislation. As he continues developing this bill, Senator Tillis should consider strengthening consumer protections at kiosks so cash-for-crypto services can continue to meet consumers' demand for digital assets into the future.
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