Crypto Kiosks May Face More Oversight

Posted by Bobbie Frank on September 24, 2025

The Select Committee on Blockchain, Financial Technology and Digital Innovation and Technology met this week in Laramie.

Among several topics, the committee discussed Automatic Subscription Renewal and Cancellation draft legislation. The bill included language to exempt financial institutions from the bills requirements; however, the referenced definition would have only exempted state-chartered credit unions. GoWest offered testimony providing an alternative definition to include federally chartered credit unions. The committee did adopt an amendment; however, they subsequently killed the bill. They received extensive testimony in opposition from security system companies, telecom companies, and associations.

The committee also considered draft legislation that would require additional regulatory oversight of virtual currency kiosks in Wyoming. There have been multiple cases of scams utilizing the kiosks on Wyoming residents. Bobbie Frank, VP legislative affairs and Joe Schmitz, Legal Counsel and Compliance Manager, UniWyo FCU offered testimony on the draft and encouraged the committee to advance the issue. After extensive discussion, the committee determined the bill needed additional work but that the topic was a priority. The committee plans to request additional meeting dates and may take it up as a committee again if granted before the end of the year. Several committee members expressed interest in individually sponsoring a bill.

If your credit union has information and data on fraud losses incurred by members involving crypto kiosks, please share those with Bobbie Frank.

Posted in Advocacy on the Move, Wyoming Advocacy.