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S2141 TR
SENATE, No. 2141
STATE OF NEW JERSEY
222nd LEGISLATURE
�
PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION
Sponsored by:
Senator PAUL D. MORIARTY
District 4 (Atlantic, Camden and Gloucester)
Senator M. TERESA RUIZ
District 29 (Essex and Hudson)
Co-Sponsored by:
Senators Stack, Diegnan, McKnight, Turner, Greenstein,
Cryan and Wimberly
SYNOPSIS
���� Prohibits cryptocurrency automatic teller machines.
CURRENT VERSION OF TEXT
���� As reported by the Senate Commerce Committee with
technical review.
��
An Act
concerning digital currency and supplementing
P.L.1960, c.39 (C.56:8-1 et seq.).
����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:
���� 1.��� The Legislature finds
and declares that:
���� a.���� There has been a
significant rise in scams associated with the use of Bitcoin automatic teller
machines.� According to the United States Federal Trade Commission�s Consumer
Sentinel Network, fraud losses linked to these cryptocurrency automatic teller
machines have surged nearly tenfold since 2020 to more than $110 million in
2023 and exceeded $65 million in just the first half of 2024.� Since many
incidents of fraud go unreported, these figures likely represent only a portion
of the overall impact.�
���� b.��� Recently, cryptocurrency
has become a major payment method for various scams, expanding beyond fake
investment schemes, and the increased availability of Bitcoin automatic teller
machines has facilitated this trend. �
���� c.���� Bitcoin automatic
teller machines are linked to scams involving the impersonation of government
agencies, financial institutions, businesses, or tech support companies.�
���� d.��� The median loss reported
by Bitcoin automatic teller machines was $10,000 in the first half of 2024, and
individuals aged 60 and older were three times more likely to report such
losses.�
���� e.���� Therefore, it is the
Legislature�s intent to help protect consumers from falling victim to the
losses associated with the use of cryptocurrency automatic teller machines.
���� 2.��� a.� For the purposes of
this section:
���� �Business entity� means any
natural or legal person, business corporation, professional services
corporation, limited liability company, partnership, limited partnership,
business trust, association, or any other legal commercial entity organized
under the laws of this State or any other state or foreign jurisdiction.�
���� �Cryptocurrency� means any
digital form of currency that functions as a medium of exchange through a
decentralized computer network without reliance on any central authority such
as the government or a financial institution.�
���� �Cryptocurrency automatic
teller machine� means a physical, Internet-connected kiosk that allows a user
to buy, sell, send, or receive cryptocurrency by depositing money using a debit
card, credit card, or cash.�
���� b.��� It shall be an unlawful
practice and a violation of P.L.1960, c.39 (C.56:8-1 et seq.) for any business
entity to own, control, install, manage, sell, or offer for sale a
cryptocurrency automatic teller machine in this State.�
���� c.���� In accordance with the
�Administrative Procedure Act,� P.L.1968, c.410 (C.52:14B-1 et seq.), the
Director of the Division of Consumer Affairs may promulgate rules and
regulations to effectuate the provisions of this section.�
���� 3.��� This act shall take
effect on the first day of the six month next following the date of enactment.�