Plain English Breakdown
The bill has passed the House and is currently in a Senate committee; it does not yet have an effective date.
Delaware Bill Banning Cryptocurrency Kiosks
This bill makes it illegal to own or operate cryptocurrency kiosks in Delaware, requires existing machines to stop working immediately and be removed within 90 days of the law taking effect.
What This Bill Does
- Prohibits any person from owning, installing, or operating a cryptocurrency kiosk.
- Requires all existing cryptocurrency kiosks to cease operation upon the effective date of the Act.
- Mandates that owners remove physical kiosk machines within 90 days after the law takes effect.
- Bans cashier-assisted transactions and point-of-sale systems designed to act like a banned kiosk.
- Requires businesses to refund fees collected from illegal transactions or pay them into a consumer protection fund if the customer cannot be identified.
Who It Names or Affects
- People who own, install, or operate cryptocurrency kiosks.
- Businesses that allow these machines on their property.
- Stores using cashiers or point-of-sale systems to sell cryptocurrency in place of a kiosk.
- Consumers who paid fees for transactions made through banned methods.
Terms To Know
- Cryptocurrency
- A virtual currency or other nonfungible token stored through blockchain.
- Kiosk
- A physical machine operated by a third party that lets customers buy, sell, or exchange cryptocurrency.
- Blockchain
- A digital ledger that records transactions in a decentralized manner and is not controlled by a single entity.
Limits and Unknowns
- The exact date the law takes effect is not listed in this text.
- Violators face civil penalties up to $10,000, but specific enforcement agency details are referenced only through other code sections.