Key Takeaways:
AARP supported Section 205 because cryptocurrency kiosks are linked to fraud against older Americans.Losses cited by the group exceeded $389 million across more than 13,460 complaints.Lawmakers may weigh federal registration rules while preserving state authority over kiosk safeguards.AARP wrote:
“We write to express our strong support for provisions in the market structure legislation released ahead of the Committee’s markup.”
State Authority Remains Central to AARP’s PositionNoting that “older Americans cannot afford to see this provision weakened as the legislation advances,” AARP stated:
“As the bill moves through markup and beyond, our single, central ask is straightforward: please preserve the Section 205 language as written, including both the money transmitter registration requirement and the rule of construction protecting state authority.”
The letter gave senators another outside voice supporting Section 205 before formal consideration during the May 14 markup. AARP’s request centered specifically on maintaining the current Section 205 language without weakening either the registration mandate or the protections for state regulatory authority.
