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On October 30, the California DFPI announced a consent order against a Nevada-based crypto kiosk operator for alleged violations of the Digital Financial Assets Law and the California Consumer Financial Protection Law. The action follows a DFPI investigation into widespread noncompliance among crypto ATM operators, which the agency has identified as a growing consumer-protection concern.Continue Reading DFPI Fines Kiosk Operator $675,000 for Alleged Violations of the Digital Financial Assets Law

On October 6, the DFPI issued a Desist and Refrain Order against a digital-asset ATM operator for alleged violations of the California Digital Financial Assets Law (DFAL) and the California Consumer Financial Protection Law (CCFPL). The DFPI alleged that the company, which operates cryptocurrency kiosks throughout Northern California, repeatedly accepted and transmitted cash in excess of statutory transaction limits, charged unlawful fees, and failed to provide required disclosures and receipts to consumers in connection with the purchase and sale of digital assets.Continue Reading DFPI Orders Crypto Kiosk Operator to Cease Operations for Alleged Violations of Digital Financial Assets Law

On September 26, Arizona Attorney General Kris Mayes announced that the new Cryptocurrency Kiosk License Fraud Prevention Law took effect, establishing new safeguards for consumers using cryptocurrency ATMs. The law, enacted through House Bill 2387, amends the state’s money transmission statutes to require enhanced disclosures, transaction limits, and refund rights for fraud victims.Continue Reading Arizona Cryptocurrency Kiosk Law Takes Effect

On October 8, the payment processor and North Dakota’s only state-owned bank announced the “Roughrider Coin,” the state’s first stablecoin. The initiative will make Roughrider Coin available to North Dakota banks and credit unions in 2026 as part of the state’s effort to modernize interbank and merchant payments.Continue Reading North Dakota Launches State’s First Stablecoin

On September 17, the New York Department of Financial Services (NYDFS) issued a notice advising all state-chartered banks, credit unions, and foreign bank branches licensed in New York to consider integrating blockchain analytics into their compliance and risk frameworks when engaging in virtual currency-related activity. The notice builds on the Department’s 2022 blockchain analytics guidance for virtual currency licensees and its prior requirement that banks seek approval before launching new or significantly different virtual currency activities.Continue Reading NYDFS Directs Banks to Incorporate Blockchain Analytics Into Virtual Currency Risk Programs

On September 8, the D.C. Attorney General filed a lawsuit in D.C. Superior Court against a crypto ATM operator alleging violations of the Consumer Protection Procedures Act and the Abuse, Neglect, and Financial Exploitation of Vulnerable Adults and the Elderly Act. The suit also alleges unlicensed money transmission activity in the District.Continue Reading D.C. Attorney General Sues Crypto ATM Operator for Alleged CPPA and Elder-Exploitation Violations

On August 18, Illinois Governor JB Pritzker announced the signing of two measures establishing comprehensive digital asset safeguards. The Digital Assets and Consumer Protection Act (SB 1797) and the Digital Asset Kiosk Act (SB 2319) create a licensing and supervisory framework for digital asset businesses and impose specific protections for cryptocurrency kiosk users.Continue Reading Illinois Enacts Digital Asset Consumer Protection and Kiosk Laws

On July 30, 2025, the President’s Working Group on Digital Asset Markets released a comprehensive report recommending substantial regulatory action and legislative proposals aimed at providing clearer pathways for crypto issuance, trading, and banking engagement. In the absence of new legislation, the report urges securities and derivatives regulators—the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC)—to utilize existing authorities to offer immediate regulatory clarity.Continue Reading President’s Working Group Report Lays Foundation for U.S. Crypto Market Structure

On August 12, a coalition of banking trade associations sent a joint letter to Congress warning that the recently enacted GENIUS Act contains a loophole that could allow the indirect payment of interest or yield on payment stablecoins. The Act (previously discussed here) establishes a federal regulatory framework for payment stablecoins, including restrictions on interest payments, limits on nonfinancial company issuers, and provisions affecting state-chartered institutions.Continue Reading Trade Groups Urge Congress to Address GENIUS Act Loopholes

On August 4, 2025, the Financial Crimes Enforcement Network (FinCEN) issued a notice warning financial institutions about escalating illicit activity involving convertible virtual currency (CVC) kiosks. The notice cites increased misuse of CVC kiosks in fraud schemes, drug trafficking, and cybercrime, and identifies operators’ potential violations of the Bank Secrecy Act (BSA) through failures to register, implement anti-money laundering (AML) programs, or conduct customer due diligence.Continue Reading FinCEN Warns Financial Institutions of Illicit Activity at Crypto Kiosks

On July 18, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS ACT) was signed into law, creating the first federal regulatory framework for payment stablecoins. The law prohibits the issuance of payment stablecoins in the United States unless the issuer is a permitted entity under a state or federal regime that meets strict reserve, redemption, compliance, and disclosure requirements.Continue Reading Stablecoin Regulation Takes Effect Under Newly Enacted GENIUS Act