The New Hampshire Senate is expected to vote next week on a bill to curb cryptocurrency scams targeting seniors, but the bill faces an uphill battle if it reaches the House.Scams involving crypto ATMs have become increasingly common.”In Manchester, we’ve had about 66 cases in the last four years totaling over $1 million, and the average age of our victim is about 73 years old,” said Manchester Detective Ray Lamy.Police said the scammers are shockingly effective as they target seniors, tricking them so they can steal their cash via cryptocurrency ATMs.>> Download the free WMUR app to get updates on the go <<“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 as long as eight hours a day,” Lamy said. “The frustrating part of these crimes is that they are 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 restrictions. “This is a commonsense, 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,” said retired police chief John Bryfonski.Senate opponents of the bill called it condescending and said it regulates a business that doesn’t need to be regulated.If the bill passes, it will face skepticism in the New Hampshire House. Key legislators like state Rep. Keith Ammon, R-New Boston, a leading voice on cryptocurrency policy in the Legislature, do not support the amended version of the bill, calling for lighter-touch regulations.There will likely need to be more compromise ahead if some kind of consumer protections are to reach the governor’s desk.”There’s bipartisan sponsorship, and I expect we’ll see broad support in both bodies to get something done to protect the consumer,” said state Sen. Tim McGough, R-Merrimack.
The New Hampshire Senate is expected to vote next week on a bill to curb cryptocurrency scams targeting seniors, but the bill faces an uphill battle if it reaches the House.
Scams involving crypto ATMs have become increasingly common.
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“In Manchester, we’ve had about 66 cases in the last four years totaling over $1 million, and the average age of our victim is about 73 years old,” said Manchester Detective Ray Lamy.
Police said the scammers are shockingly effective as they target seniors, tricking them so they can steal their cash via cryptocurrency ATMs.
>> Download the free WMUR app to get updates on the go <<
“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 as long as eight hours a day,” Lamy said. “The frustrating part of these crimes is that they are 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 restrictions.
“This is a commonsense, 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,” said retired police chief John Bryfonski.
Senate opponents of the bill called it condescending and said it regulates a business that doesn’t need to be regulated.
If the bill passes, it will face skepticism in the New Hampshire House. Key legislators like state Rep. Keith Ammon, R-New Boston, a leading voice on cryptocurrency policy in the Legislature, do not support the amended version of the bill, calling for lighter-touch regulations.
There will likely need to be more compromise ahead if some kind of consumer protections are to reach the governor’s desk.
“There’s bipartisan sponsorship, and I expect we’ll see broad support in both bodies to get something done to protect the consumer,” said state Sen. Tim McGough, R-Merrimack.