The Oklahoma Senate has sent Senate Bill 1083 to the Governor. It creates consumer protection concerning cryptocurrency ATMs.
Senator Darrell Weaver is the author of SB 1083. It requires digital asset kiosk operators to obtain a license from the Oklahoma Banking Department before they can initiate transactions. Operators would have to list the location of their ATMs with the Banking Department.
“Senate Bill 1083 is among the first pieces of legislation passed aimed at combating fraudulent scams involving digital asset kiosks,” Weaver said. “The protections outlined in this bill will ensure accountability for those who seek to exploit unknowing users, as well as provide additional safeguards for consumers. This is a proactive step toward protecting Oklahomans, especially seniors and other vulnerable individuals, as we work to modernize our laws to keep pace with emerging financial technologies.”
The measure also requires terms and conditions for the use of the ATM to be disclosed, and a receipt provided for the transaction. Additionally, any consumer who became a victim of a fraudulent digital asset transaction may file a civil lawsuit against the kiosk operator. There’s also a cap on the fees.
If Governor Kevin Stitt signs the bill into law, it would become effective November 1, 2025.
