May 5, 2023

Rep. Hoxha Votes in Support of Crypto Currency Bill that Would Add Protections for Consumers

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BRISTOL – State Representative Joe Hoxha (R-78) voted Thursday evening in support of H.B. 6752, which would put guardrails in place for virtual currency transactions at kiosks and add regulations to help prevent scammers from targeting Connecticut residents.

Rep. Hoxha, a sitting member of the Banking Committee, helped craft the bill, titled “An Act Concerning Digital Assets,” which would authorize the Banking Commissioner to adopt, amend and rescind regulations for digital assets and establishes requirements for owners or operators of virtual currency kiosks (similar to those that are currently in some gas stations that advertise digital currency, such as Bitcoin).

The bill, which now awaits passage in the Senate, would clearly spell out the risks involved in the transactions and include a warning label about the irreversible nature of fraudulent or accidental transactions.

“Most times, I’m in favor of fewer regulations, not more, but I voted today in support of H.B. 6752, which would put guardrails in place for virtual currency transactions at kiosks and offer protections for our most vulnerable residents, including seniors,” Rep. Hoxha said. “I’m not against the use of this currency, but what this bill would simply do is bring ATMs that transact digital currency under the regulations that are in place for similar machines that use cash. This includes warnings for customers that let them know that transactions in virtual currency of digital currency may be irreversible.”

He continued: “We heard testimony from a detective during our committee hearing that digital currency ATMs have been used by scammers to target our seniors and this bill helps give police more tools to combat that. I was proud to help craft it and it passed the House with bipartisan support.”

Rep. Hoxha can be contacted at Joe.Hoxha@housegop.ct.gov or (800) 842-1423 with any questions or concerns related to state government. You can also follow his legislative activity by visiting his website, www.cthousegop.com/hoxha/ or on Facebook here.

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