Transcript Highlights:

• Crypto industry, it didn't change anything.
• We have not closed down one crypto mine down here.
• If you look at the crypto industry, which I'm not into crypto, all the illegal currency, the sex trafficking
• , drugs, everything else is now related back to crypto.
• All the illegal activity now is found by crypto. You get on the scam sites, it's all crypto.

Keywords: 1204, all

Transcript Highlights:

• I heard you mention crypto. Can you elaborate on that a little bit?
• These crypto ATMs will charge you a 20 to 30 percent fee.
• These crypto ATMs will charge you a 20 to 30% fee.
• So the crypto is getting transferred for a second time.
• So the crypto is getting transferred for a second time.

Summary: A joint House-Senate Insurance and Commerce meeting focused on the growing threat of financial fraud in Arkansas, with members and witnesses describing scams targeting seniors, small businesses, and working families. The committee first approved the November 3, 2025 minutes, then heard from the Arkansas Bankers Association, the American Bankers Association, banks, the Attorney General’s Consumer Protection Division, the Arkansas Mortgage Bankers Association, the State Bank and Securities Department, the Insurance Department, and AARP. Witnesses described common schemes including spoofed bank calls and texts, government imposter scams, romance and investment scams, business email compromise, fake job postings, gift card scams, check fraud, wire fraud, reverse mortgage scams, identity theft, and insurance fraud. Several witnesses emphasized that cryptocurrency kiosks and crypto transfers make recovery difficult or impossible, and that artificial intelligence is making scams more convincing and scalable. Witnesses repeatedly stressed education, verification, and coordination among banks, law enforcement, regulators, and consumers. Bank and mortgage representatives urged consumers to slow down, independently verify wire instructions, avoid clicking unexpected links, use tap-to-pay rather than chip or swipe when possible, and never share account credentials or one-time codes. The Attorney General’s office said it investigates consumer complaints, mediates disputes, works with social media platforms to remove scam ads, and recently created a Financial Fraud Task Force with bankers and other stakeholders. The State Bank and Securities Commissioner highlighted the Safe AR Act, the state’s crypto kiosk framework, and fraud education efforts such as “fraud bingo,” while the Insurance Department described its law-enforcement role and a range of insurance-related fraud schemes it prosecutes. AARP said fraud is widespread and underreported, especially among older adults. Members asked about reporting scams, how losses are handled, whether tap is safer than chip, how crypto fraud works, whether Arkansas has model legislation to address telecom and social media impersonation, and how local law enforcement and state agencies coordinate investigations. Witnesses said banks generally absorb much of the financial loss under federal rules, while consumers bear the inconvenience and account changes. Several witnesses said Arkansas should consider additional legislation to hold telecom companies and social media platforms accountable for spoofed caller IDs and impersonation ads, and one witness said a federal Scam Act is moving in Congress. No additional votes or formal actions were taken beyond approval of the minutes, but witnesses agreed to share consumer education materials and model legislation with committee staff.

Transcript Highlights:

• So this is a map of the crypto kiosks in Washington that are licensed.
• You can also buy cryptocurrency on a crypto kiosk.
• So they are just like an ATM except they're using the crypto account as the... Yeah.
• Like an ATM except they're using the crypto account as the funding source.
• Yeah. like an ATM except they're using the crypto account as the funding source.

Summary: The committee first heard a work session on cryptocurrency kiosks from the Department of Financial Institutions and Spokane City Councilmember Paul Dillon. DFI described crypto kiosks as licensed money transmission terminals that allow cash purchases of virtual currency, and said the main concern is fraud: scammers often pressure victims, especially older adults, to deposit cash into kiosks and send it to wallets controlled by organized crime. DFI cited a sharp increase in kiosk volume, nationwide fraud complaints and losses, and said Washington currently has licensing and disclosure rules but lacks transaction and fee limits. The department said it is seeking stronger disclosures, a $1,000 daily transaction limit, and a fee cap. Spokane described its unanimous ordinance banning new kiosks and removing existing ones after local scam reports, and members asked about how the machines work, whether the fraud is in the hardware or the transaction, and whether stronger warnings or screening could help. The committee then reviewed home equity sharing agreements, or CHISAs, based on a report by Mariana Amaram and testimony from DFI and industry representatives. The report found that CHISAs provide homeowners a lump sum in exchange for a share of future home value or appreciation, with no monthly payments, but that consumers often struggle to understand the products and settlement calculations. The report said the market has grown quickly in Washington, that costs can be hard to predict, and that early uncapped contracts could produce very high settlement amounts, especially during periods of rising home prices. DFI said it views these products as mortgage loans and is moving forward with rulemaking, including counseling and clearer disclosures, while industry witnesses said the products are equity-based rather than debt-based and asked for tailored regulation. Members discussed the need for better consumer education, clearer payoff schedules, and whether the products should be treated as mortgages or a separate category. The final panel focused on Washington’s space economy, with presentations from Amazon Leo, Blue Origin, Stoke Space, Space Northwest, and Green River College. Speakers highlighted major in-state investments in satellite manufacturing, launch systems, and workforce training, including Amazon Leo’s Redmond and Kirkland facilities, Blue Origin’s Kent headquarters, and Stoke Space’s Kent manufacturing and Moses Lake test site. Space Northwest presented data showing the sector’s growing economic footprint, high-wage jobs, and regional clusters in Kent and Redmond, and urged more workforce programs, incentives, infrastructure support, and a state space commission. The companies emphasized local hiring, apprenticeship and certification programs, and the role of Washington’s aerospace supply chain in supporting the broader space industry. No votes were taken during the transcript excerpt.

Transcript Highlights:

• crypto through an ATM.
• Uh payments are on crypto.
• Uh payments are on crypto.
• Uh payments are on crypto.
• Uh payments are on crypto.

Keywords: 910, house, all

Summary: The committee held an informational briefing on fraud in the community, with presenters from ARP, CoinFlip, HPD, the Hawaii Bankers Association, DCCA’s Office of Consumer Protection, and the Department of Law Enforcement. The chair described widespread scams targeting kupuna and other residents, including impersonation of grandchildren, lottery/inheritance schemes, romance scams, online shopping fraud, investment scams, and tech-support scams. Members emphasized the emotional manipulation used by scammers, the difficulty of getting victims to report losses, and the need to educate the public on warning signs and available resources. ARP said scams are an epidemic and highlighted national data showing major losses among older adults, including $4.8 billion lost by people age 60 and over in 2024. ARP focused especially on cryptocurrency kiosks as a growing scam channel in Hawaii, citing 64 complaints totaling $922,000 in 2024 and noting that complaints nearly doubled from the prior year. ARP urged stronger safeguards such as limits on transactions, refunds, live customer support, and a law-enforcement contact for operators, and said its Fraud Watch Network can help victims freeze credit, identify next steps, and track current scams. The chair said he intends to introduce legislation to lower and ultimately eliminate the amount of Bitcoin that can be purchased through ATMs. CoinFlip said it supports consumer-protection regulation and described its compliance practices, including scam warning screens, anti-money-laundering controls, blockchain analytics, wallet pinning, transaction monitoring, and cooperation with law enforcement. The company said it is registered as a money services business, files suspicious activity and currency transaction reports, and holds money transmitter licenses in many jurisdictions. It also pointed to Illinois-style refund protections for new users and said it refunds fees to scam victims, though not the underlying funds. In response to committee questions, members and the company discussed whether crypto kiosks are necessary, how scams can be traced, and whether banks and kiosks can better intervene when suspicious activity is detected.

Transcript Highlights:

• A two deals using Trump's crypto.
• Concerning crypto industry data also shows that many investors into World Liberty's crypto are based
• Concerning crypto industry data also shows that many investors into World Liberty's crypto are based
• Concerning crypto industry data also shows that many investors into World Liberty's crypto are based
• Trump donors and Trump crypto investors. Trump donors and Trump crypto investors.

Keywords: U.S. House of Representatives Floor Proceedings on Thursday, May 8, 2025, 1012, house, all

Transcript Highlights:

• Crypto is an example.
• Crypto is an example.
• Crypto is an example.
• Crypto is an example.
• Crypto is an example.

Keywords: 1183, house

Transcript Highlights:

• MANY OF YOU ALL ARE FAMILIAR WITH CRYPTO CURRENCY.
• I WILL REFER TO THEM AS CRYPTO ATMS. THAT'S WHAT A LOT OF PEOPLE CALL THEM.
• I AM NOT AGAIN ANTI-CRYPTO.
• ONCE IT IS CONVERTED INTO CRYPTO MEMBERS IT'S GONE. THERE IS NO WAY TO TRACK IT.
• NOW WITH THE BAD GUYS ARE USING ARE THESE CRYPTO KIOSKS. THESE CRYPTO ATMS.

Transcript Highlights:

• We get very little support from the crypto ATM operators.
• These crypto ATMs are everywhere, and when I tell you everywhere, I have a photograph of a crypto ATM
• Crypto is very hard for us to investigate.
• Or the other thing they can do is go to a crypto ATM.
• Regarding crypto ATMs, if my memory serves me correct...

Bills: HB1453, HB1718, HB2043, HB2207, HB2798

Keywords: local governments, anticipation notes, certificates of obligation, public works, flood control, financial management, local government, municipal financing, private activity bonds, closing definition, real estate finance, bond issuance, government regulation, bond election, general obligation bonds, GO bonds, political subdivision, city bonds, county bonds, school district bonds

Transcript Highlights:

• This is such a new area that we have to look at all of this crypto and banking in that way.
• And in crypto, in particular since, you know, I've spent a lot of time there, we've seen things like
• So I think we are hopefully making those products available because crypto is still available to New
• Well, and when you break up crypto, I think that the DFS did a good job of making sure.
• And again, you know, I think that combined effort to have, you know, the crypto...

Keywords: 993, senate, all

Summary: The Senate Banking Committee met for its first meeting of the session, with Chair James Sanders Jr. and Ranking Member George Borrello opening the hearing and noting a collaborative approach to committee work. The committee first considered and advanced several bills: S.114, which would prohibit state-chartered banks from investing in or financing private prisons; S.2040, which would require money transmitters to provide a consumer warning; S.5473, which would require disclosures in advertisements involving virtual tokens; and S.8406, Sanders’ bill to amend the community bank deposit program. Each bill was moved and approved by committee, with S.8406 passing unanimously. The committee then heard from Caitlin Azar, Acting Superintendent of the Department of Financial Services (DFS), who outlined her background and DFS priorities. She emphasized affordability, consumer protection, stability, and innovation, and discussed DFS-led initiatives in the governor’s budget, including Banking Development Districts, non-bank mortgage CRA regulations, CDFI investment guidance, and consumer restitution. She also said DFS plans to issue buy-now-pay-later regulations in February, expand student lending protections and borrower education, and continue work on insurance affordability, including auto and homeowners insurance reforms, anti-fraud efforts, and discounts tied to telematics, dash cameras, and safe-driving courses. Members questioned Azar about the balance between regulation and access, especially in crypto, buy-now-pay-later, and insurance markets. She said DFS aims to preserve competition while preventing discriminatory or excessive practices, and described existing oversight of virtual currency, including coordination with federal regulators. Another member asked about AI in auto insurance underwriting and pricing; Azar said DFS requires transparency, bias review, governance controls, and consumer recourse, and that credit scores cannot be used to deny or increase rates. The chair also raised concerns about foreclosure in Southeast Queens, improving BDD paperwork and data collection, and increasing the number of state-chartered credit unions. Azar said DFS is working on process improvements, community input, and maintaining open communication with the committee, but no additional votes or formal actions were taken during the DFS hearing.

Transcript Highlights:

• for these crypto kiosks, which are located in, often times, fueling stations or other public places
• did in the Business and Financial Institutions Committee is strip out new language that dealt with crypto
• And then once that crypto moves to someone else's wallet, it is gone and you've effectively lost that
• <00:02:13.920> You're<00:02:14.080> going<00:02:14.360> to crypto kiosk.
• You're going to crypto kiosk.

Keywords: Accountability, Efficiency, Transparency - Room 210, 3 March, 2026; 2:30 P.M., 925, all

Summary: The committee first took up House Bill 1596, which Senator Johnson explained as a companion to another crypto-kiosk bill. He said the measure was being used to open the code and remove new kiosk language temporarily while lawmakers work on a regulatory framework for crypto kiosks, which are being used in scams involving callers posing as law enforcement and directing victims to deposit cash into kiosks. Members discussed the lack of reporting and registration data, the estimated number of kiosks in the state, and whether regulation might require identification and registration of the devices. The committee adopted the motion for title sufficient, do pass as amended, and reported the bill out. The committee then considered House Bill 859, which would eliminate the in-person absentee voting envelope while keeping the 45-day in-person absentee voting period and existing excuse requirements. Senator England said voters would still complete an affidavit and cast the ballot directly into an OMR machine, and he noted that circuit clerks preferred this version. The committee asked a few clarifying questions and then passed the bill, reporting it out. Next was House Bill 925, the CLEAR Act, which Senator McMahan described as a revised PEER-related bill that had been worked on with the governor’s office after a prior veto. He outlined provisions creating a PEER review program for agency rules, Medicaid transportation evaluations, a State Board of Health Professions, changes to the corporation work initiative program, and PEER subpoena and enforcement language. An amendment was adopted to delete the subpoena-related sections that had raised constitutional concerns and to retain the reverse repealer. After questions about the advisory role of the new board, the committee passed the bill as amended. The committee also heard House Bill 1171, a strike-all that Senator Sparks said would mirror a Senate bill on grant transparency. The measure would require clearer grant objectives, objective eligibility criteria, disclosure of conflicts and board relationships, reporting by grantees and subgrantees, and signed documentation under penalty of perjury with CPA review. Members asked about enforcement, and Senator Sparks said improper reporting could lead to loss of funds, audits, and possible criminal consequences. The committee adopted the strike-all and reported the bill out. Finally, the committee considered House Bill 1393, which would create an energy development fund at the Mississippi Development Authority for long-term infrastructure planning tied to large industrial energy users. Members asked whether the fund would cover water resources as well as electricity; the sponsor said it was intended for energy infrastructure, not water, and was aimed at large industrial projects such as steel mills. The committee adopted the strike-all and moved to report the bill out.

Transcript Highlights:

• Last week, an industry report called stablecoins, quote, the new kingpin of illicit crypto activity.
• People in the industry are now... ...describing stablecoins as the kingpin of illicit crypto activity
• Crypto is, quote, the dominant choice for buyers and sellers of commercial child sexual abuse content
• Just two weeks ago, North Korea pulled off the biggest crypto hack of all time.
• The crypto that North Korea has stolen and laundered includes stablecoin. like Circle and Tether.

Bills: SB875

Keywords: banking regulation, federal agencies, reputational risk, financial services, supervision, FIRM Act, bank supervision, depository institutions, federal banking agencies, FDIC, OCC, Federal Reserve, NCUA, CFPB, credit unions, Operation Choke Point, financial discrimination, safety and soundness, supervisory guidance, examination manual

Summary: This meeting focused on the markup of the Genius Act and the FIRM Act, two significant pieces of legislation addressing stablecoin regulation and the financial industry's regulatory framework. The Chairman noted the importance of providing clarity to the digital asset community and protecting American consumers, while also promoting innovation and competition within the financial sector. Members of both parties expressed varying viewpoints, with some highlighting concerns related to national security and the potential risks associated with stablecoins.

Transcript Highlights:

• The crypto industry has included language in section 10001, styled central bank digital currency, crypto
• The<02:50:27.439> crypto<02:50:27.840> industry The crypto industry The crypto industry
• c> included The crypto industry has included The crypto industry has included language<02:50:43.279
• <02:50:55.520> industry crypto industry crypto industry central<02:50:58.160> bank<02:50
• in crypto in crypto dollars,<02:53:50.240> crypto<02:53:51.200> fashion,<02:53:51.840

Keywords: U.S. House of Representatives Floor Proceedings on Thursday, March 19, 2026, 1012, house, all

Transcript Highlights:

• Crypto ATMs are a massive problem for us in law enforcement.
• Crypto is very hard for us to investigate.
• ATM or, or an ATM wallet or a crypto wallet, shall we say.
• So they're different crypto, uh, company, different crypto ATM vendors do things a little bit differently
• I do know some of the crypto ATM providers are now requiring.

Transcript Highlights:

• I own crypto. I've responsibly used a crypto ATM. I love technology.
• I own crypto. I've responsibly used a crypto ATM. I love technology.
• I own crypto. I've responsibly used a crypto ATM. I love technology.
• I own crypto. I've responsibly used a crypto ATM. I love technology.
• I own crypto. I've responsibly used a crypto ATM. I love technology.

Keywords: 1189, house, all

Transcript Highlights:

• Um, article one in sections one and two is the virtual crypto kiosk ban.
• And so what this does is this actually bans it, prohibits operation of crypto ATM statewide as of August
• And that is exactly the group that's being targeted with this crypto kiosk.
• Um my anti-crypto<00:15:45.360> bro.
• And then um definitely anti-crypto bro.

Keywords: 919, house, all

Summary: House File 4188, the commerce omnibus policy bill, was presented as a consumer-protection measure covering several areas: a statewide ban on crypto ATMs/kiosks beginning August 1, 2026; new recordkeeping and complaint-handling requirements; student loan borrower protections; restrictions on deceptive insurance advertising and insurance lead generators; bullion dealer jurisdiction clarifications; appraisal and appraisal management reporting requirements; scrap metal transaction tracking; collection agency clarifications; and unclaimed property improvements. The bill author said the overall goal was to address real consumer harm, especially scams and transparency issues. Representative O'Driscoll urged adoption of the A3 amendment, explaining that it removed tax provisions that had come late in the process and could be handled in the tax bill instead. The amendment was adopted without objection. During floor debate on the bill, Representative Roach opposed the crypto kiosk ban, saying the state could regulate fraud without eliminating the machines entirely. Representative O'Driscoll defended the ban as necessary to protect older and vulnerable Minnesotans from scam tactics, and Representative McDonald raised concerns about a separate scrap metal licensing provision and a $500 late fee, which Representative Holland said had been recommended by the Department of Commerce. After discussion, the bill author reiterated support for the measure and thanked committee and staff members. The House then took a roll call vote and passed House File 4188 as amended by a vote of 122-12, with its title agreed to.

Transcript Highlights:

• <00:24:47.279> reserves dealing with strategic crypto reserves dealing with strategic crypto
• <01:15:34.880> space of Western Union in the crypto space of Western Union in the crypto space
• really going to touch on the crypto really going to touch on the crypto stable<01:25:18.080>
• Hampshire in crypto just in one quarter. Hampshire in crypto just in one quarter.
• >> that sorry left in stable coin crypto >> that sorry left in stable coin crypto you

Keywords: 1189, house, all

Summary: The commission met to review stable tokens, real-world asset tokenization, and blockchain-based trust, approved the agenda and December 12 minutes, and heard a presentation from Anchorage Digital after postponing a planned Bitco presentation because of its IPO quiet period. Anchorage’s Melinda Delos, Joe Mioli, and Kevin Wasaki introduced the firm, describing it as a global digital assets platform and the first crypto-native institution in the U.S. to receive a federal banking charter. They said their approach emphasizes security, regulated custody and trading services, and responsible innovation for institutional clients, banks, states, and sovereigns. The presentation focused on post-Genius Act momentum in the stablecoin market. Anchorage said the law provided regulatory clarity and helped spur activity with major clients, including Athena, Tether, and Western Union. The speakers highlighted Western Union’s planned stablecoin as especially significant because it reflects adoption by a long-established traditional payments company, and they said the project illustrates how stablecoins can support programmable, real-time, interoperable payments. They also noted that Anchorage is providing issuance infrastructure for the Western Union project. The commission and presenters also discussed government uses of tokenized assets, including reserve legislation, digital assets for tax collection and fees, and a Marshall Islands initiative to use a tokenized sovereign bond for direct citizen payments. In response to a question, Anchorage said it would follow up on which states are using digital assets for revenue collection, mentioning Louisiana and Pennsylvania as examples. The banking discussion centered on remittances, instant payments, and interbank settlement, with Anchorage arguing that stablecoins can reduce settlement time, fees, and foreign exchange risk while improving traceability and auditability.

Transcript Highlights:

• c> to<00:45:18.800> evade The Russians use crypto to evade The Russians use crypto to evade
• States get paid in crypto. States get paid in crypto.
• platform that is the network for crypto platform that is the network for crypto transfers<00:45:
• can make crypto crime pay. can make crypto crime pay.
• mixers that co-mingle lots of crypto mixers that co-mingle lots of crypto together<00:47:49.359>

Keywords: U.S. House of Representatives Floor Proceedings on Wednesday, July 16, 2025, 1012, house, all

Transcript Highlights:

• How would this interface with the crypto market that we have in cryptocurrency?
• How would this interface with the crypto market that we have in a cryptocurrency?
• And it is sort of, but it's not really. this is like, oh, this is like gold crypto.
• And then, on top of that, we would still continue to have a crypto market.
• The crypto market would exist, and the U.S. dollar market would exist.

Summary: The committee first took up SB 794, as amended by a late-filed strike-all, which would require a human being to make insurance claim denial decisions and prohibit artificial intelligence from being the sole basis for a denial. The sponsor said the bill was intended to preserve human oversight while allowing innovation in claims processing. Public testimony included support from the Florida Insurance Consumer Advocate and the Florida Medical Association, along with one speaker urging additional protections for homeowners. The committee adopted the strike-all and reported SB 794 favorably with committee substitutes. Members then heard SB 134, which removes the $500 threshold on the sales tax exemption for bullion, making sales of gold, silver, and platinum bullion fully exempt and eliminating certain dealer documentation requirements. Supporters argued the change would reduce a regressive tax and help consumers preserve savings; the sponsor estimated a revenue impact of about $300,000. The bill was reported favorably. The committee also adopted a strike-all on SB 888, which directs the Office of Insurance Regulation to create a more consumer-friendly homeowners insurance website with premium comparison information, market data, rate filing access, and educational resources. The sponsor and Leader Boyd said the goal was to improve transparency and help consumers navigate a stabilizing market. SB 888 was reported favorably with committee substitutes. The final bill heard was SB 1578, covering mammograms and supplemental breast cancer screenings. The sponsor said it would expand coverage requirements in ACA plans and private insurance policies, including annual mammograms for women ages 40 to 50 and supplemental screening coverage, while noting Medicaid already provides these services. The Florida Insurance Consumer Advocate waived in support, and the bill was reported favorably. After the bills, the committee held a lengthy panel discussion on gold and silver as legal tender and transactional money, with testimony from officials from Utah and Florida, industry representatives, and advocacy groups. Panelists discussed constitutional authority, consumer protections, depository oversight, taxation issues, and possible transactional platforms for precious metals. No further action was taken after the discussion, and the committee adjourned.

Transcript Highlights:

• One other thing: I heard you mention crypto. Can you elaborate on that a little bit?
• I do applaud this legislature for your passage on regulation on crypto ATMs.
• If you want to invest in crypto, we fully support your right to do that.
• These crypto ATMs will charge you a 20 to 30 percent fee.
• So the crypto is getting transferred for a second time.

Summary: A joint House-Senate Insurance and Commerce meeting focused on the growing threat of financial fraud in Arkansas, with members hearing from bankers, regulators, law enforcement, AARP, and mortgage and insurance industry representatives. Witnesses described a wide range of scams, including spoofed bank calls and texts, fake websites and social media impersonation, romance and investment scams, business email compromise, gift card fraud, check fraud, wire fraud, reverse mortgage scams, and crypto kiosk schemes. Several speakers emphasized that fraud is increasingly organized, technology-driven, and amplified by artificial intelligence, and that seniors are disproportionately targeted and often suffer the largest losses. Testimony highlighted both prevention and recovery efforts. Bankers said institutions spend heavily on training, customer education, and fraud detection, but often cannot stop losses once customers have been convinced to authorize transfers. The Attorney General’s office described its Consumer Protection Division, a new Financial Fraud Task Force, and examples of recovering funds quickly from crypto kiosk and wire fraud cases. The State Bank Department and Securities Department said Arkansas’s 2025 crypto ATM legislation and related education requirements have helped, and they urged continued public education. The Insurance Department reported major insurance-fraud trends, including fake insurance cards, forged policies, premium-finance schemes, and staged auto accidents, and said it prosecutes these cases aggressively. Members asked about reporting scams, the security of tap payments, how fraud losses are tracked, the role of crypto kiosks, and whether Arkansas should pursue model legislation or stronger action against telecom and social media companies. Witnesses said tap payments are generally safer than chip or swipe, that crypto transfers are often unrecoverable, and that spoofed caller ID and impersonation ads remain major problems. Paul Benda of the American Bankers Association urged state and federal action against telecom and social media platforms and supported national scam legislation. No new bills were voted on at the meeting, but members approved the November 3, 2025 minutes and several witnesses offered to share model legislation, consumer education materials, and state-by-state fraud data with the committee.

Transcript Highlights:

• One other thing, I heard you mention crypto. Can you elaborate on that a little bit?
• Brad Pitt or Warren Buffett or others selling these fake crypto investment schemes.
• I do applaud this legislature for your passage on regulation on crypto ATMs.
• These crypto ATMs will charge you a 20% to 30% fee.
• So the crypto is getting transferred for a second time.

Keywords: 1204, all

Summary: A joint House-Senate Insurance and Commerce meeting focused on the growing threat of financial fraud in Arkansas, with members hearing from bankers, the Attorney General’s office, the state bank and securities commissioner, the insurance department, AARP, and mortgage industry representatives. Witnesses described fraud as increasingly organized, technology-driven, and often transnational, with common schemes including spoofed bank calls and texts, fake websites and social media impersonations, business email compromise, gift card and wire scams, crypto kiosk fraud, check fraud, and mortgage/real estate fraud. Several witnesses emphasized that seniors are disproportionately targeted and that losses are often underreported because victims feel embarrassed or do not know where to report incidents. Testimony highlighted both state and national responses. Bankers and regulators pointed to Arkansas’s 2025 actions on crypto ATMs and elder-fraud education, including training for gift-card sellers and safe-harbor protections for banks under the Safe AR Act. The Attorney General’s Consumer Protection Division described its complaint process, a new financial fraud task force, and examples of recovered funds, including quick recoveries from Bitcoin kiosk scams and wire fraud cases. The American Bankers Association and others urged stronger accountability for telecoms and social media platforms, citing spoofed caller ID, impersonation ads, Section 230 issues, and the need for a national scam-prevention strategy or federal office. Artificial intelligence was identified as a major emerging risk because it can generate convincing scam emails, websites, and impersonation content at scale. Members asked about reporting procedures, whether banks reimburse fraud losses, how crypto affects recoverability, the safety of tap-to-pay versus chip use, and whether public online records contribute to fraud. Witnesses generally advised victims to report scams through the proper channels, avoid clicking links or responding to suspicious messages, and verify requests independently by contacting institutions directly. The committee also heard that banks and regulators are already sharing information and educating consumers, but that more legislative and cross-agency action may be needed. No formal vote or bill action was taken beyond approval of the November 3, 2025 minutes.