The Senate Finance, Insurance, and Consumer Protection Committee reported legislation banning cryptocurrency kiosks in Michigan.
Key Points:
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- Senate Bill 980 was introduced by Senator Jeff Irwin (D-Ann Arbor).
- The bill is a full ban on installing or permitting a kiosk, whether by a person, company, government entity, among others.
- In the bill, a cryptocurrency kiosk is defined as a terminal facilitating the purchase, sale, or exchange of cryptocurrency.
- A violation could result in a civil fine of between $2,000 – $5,000 for a first violation or a fine of $5,000 – $10,000 for a subsequent violation(s).
The bill was referred to the Senate Committee of the Whole for consideration.
