Tag Archives for Matthew Netto

Lawmakers consider bill to combat fraud at crypto kiosks

Published in RINewsToday on April 7, 2025

Maybe the second time will be the charm. After the Rhode Island General Assembly failed to address the issue of preventing criminals from using cryptocurrency (Crypto) ATMs to steal from older Rhode Islanders, AARP Rhode Island is renewing its effort to regulate the state’s 120 crypto kiosks and safeguard older residents.

More than 45,000 crypto kiosks, which resemble bank ATMs, allow users to conduct legitimate cryptocurrency transactions, such as sending money to digital wallets. However, unlike banks and other financial services, these kiosks in Rhode Island are not regulated and lack critical fraud protections.

In 2023, the FBI received over 5,500 complaints involving crypto kiosks, with older adults disproportionately affected by scams. In Rhode Island alone, victims lost $10 million to cryptocurrency scams. The Rhode Island State Police also reported a rise in cryptocurrency ATM scams, with 40 cases reported in 2024 and already 21 cases in early 2025.

With fraud spreading through supermarkets, convenience stores, and gas stations, the Washington, D.C. based AARP is working with 17 of its state affiliates, including Rhode Island, to draft and pass bills incorporating daily transaction limits, state operator licensing requirements, scam warnings, and refund options for fraud victims.

Fighting Fraud and Exploitation

Introduced on Jan. 22, 2025, HB 5121, introduced by Rep. Julie Casimiro (D-Dist. 31, North Kingstown, Exeter), aims to license cryptocurrency kiosk operators and mandate the posting of fraud warnings. It also requires Kiosks to display terms and conditions before transactions, including any fees charged and exchange rates. Additionally, it would set fee caps at either $5 or 3% per transaction, and mandate paper receipts containing relevant transactional information.  The bill was referred to the House Committee on Innovation & Technology.

The bill would also require crypto operators to refund transactions and ATM fees in cases of fraud, and impose daily transaction limits to mitigate high-risk  transactions.

On Feb. 11, 2025, the House Committee on Innovation & Technology held its hearing to discuss HB 5121. Supporters and critics testified on its merit.

Written Testimony Highlights


Catherine Taylor, AARP Rhode Island’s State Director, urged lawmakers to pass HB 5121, citing the growing issue of crypto fraud. She referenced Federal Trade Commission (FTC) data showing that, in 2022, the actual amount stolen through fraud was likely closer to $137.4 billion – far exceeding the report $9 billion.

Matthew Netto, AARP Associate State Director, also submitted written testimony, citing a 2023 case where the founders of the Bitcoin of America ATM network were arrested for money laundering and conspiracy (in Ohio), with a focus on defrauding elderly victims. He emphasized that while cryptocurrency is a legitimate form of currency, gaining in popularity, it has become an increasingly attractive tool for criminals. He called on lawmakers to protect older Rhode Islanders, stating that the point of transfer is the best place to deter crime.

Attorney General Peter F. Neronha echoed these concerns, noting the difficulties of navigating the volatile crypto market.  Rhode Island’s top law enforcement officer urged lawmakers to adopt regulations for the operation of crypto kiosks and requiring disclosure of all material risks prior to virtual currency transactions.

Larry Lipka, General Counsel for Coinflip, a global digital currency platform company, expressed cautious support for HB 5121, stating his company supports most provision, some elements – such as the fee cap and physical receipt requirement – could inadvertently encourage less transparency and compliance efforts that help protect consumers. He also raised concern about the bill’s transaction limits, which could undermine anti-money laundering efforts.

Ethan McClelland, Bitcoin Depot’s Director of Government Relations also expressed support for the bill but warned that certain provisions, particularly daily transaction limits and the fee cap, would make it difficult for operators to continue operating in Rhode Island. The company is the largest operator of cryptocurrency kiosks in the United States.

Sen. Victoria Gu (D-Dist. 38, Westerly, Charlestown, South Kingston), introduced, SB 16, the Senate companion measure.  After a March 18, 2025 hearing before the Senate Commerce Commit the legislative proposal was held for further study.


The Art of Compromise
Following concerns raised during the hearings, the House committee recommended further study of HB 5121. Subsequently, AARP Rhode Island met with Rep. Julie Casimiro, the sponsor of HB 5121, and crypto industry representatives, leading to compromises that satisfied both regulatory advocates and the crypto ATM industry.

As a result of this compromise, the revised version of  HB 5121 was passed on March 27, 2025, by a vote of 10-0.  HB 5121 Sub. A sets daily transaction limits of $2,000 for new customers and $5,000 for existing customers, aligning with regulations in Connecticut.  The fee cap provisions were removed, and physical receipt requirements will take effect in Nov. 2025, while other provisions become law upon passage.

The initial bill required operators to provide full refunds to new customers. In the revised version, new customers must request a full refund within 30 days if they claim fraudulent inducement.

Looking Ahead

The House is expected to vote on HB 5121 Substitute A on Thursday, April 10, 2025. If it passes the Senate must act. With three months left in the 2025 legislative session, an amended version of SB has yet to be introduced.  However, there is ample time for the Senate to amend SB 16 to align with the House version.  Once both chambers pass identical bills, they must be signed by Governor Dan McKee to become law.

If the crypto regulation bill does not pass the Rhode Island General Assembly this year, lawmakers may try again next year.  Will the third time be the charm?

Attorney General Peter Neronha, General Treasurer James Diossa, Senior Agenda Coalition of RI, Westerly Police Department, the Village Common of Rhode Island, Rhode Island Coalition of Elder Justice, Rhode Island State Police and dozens of older Rhode Islanders join the AARP in supporting HB 5121 Sub. A and SB 16.

To watch the House Committee on Innovation & Technology’s  Feb. 11 hearing (HB 5121), go to https://capitoltvri.cablecast.tv/show/10801?site=1. Or its March 27 hearing, go to https://capitoltvri.cablecast.tv/show/11030?site=1.

To watch the Senate Commerce Committees March 18 hearing (SB 16), go to https://capitoltvri.cablecast.tv/show/10973?site=1

AARP provides tips and resources on how you can protect yourself against cryptocurrency ATM scams, go to  https://www.aarp.org/money/scams-fraud/crypto-atm/.

Rhode Island moves to assist in planning for retirement with Secure Choice

Published in RINewsToday on July 9, 2024

An AARP study recently released tells us that it’s not easy being in your 50s and not having planned for your retirement. According to the study’s findings, 20% of adults ages 50+ have no retirement savings, and more than half (61%) are worried they will not have enough money to support them in retirement. The survey’s findings indicate a decline in the overall sense of financial security among men, 42% of whom describe their financial situation as “fair” or “poor,” up from 34% in the beginning of 2022. However, roughly 40% of men who are regularly saving for retirement believe they are saving enough, compared to just 30% of women.

Retirement not an option for many

“Every adult in America deserves to retire with dignity and financial security. Yet far too many people lack access to retirement savings options and this, coupled with higher prices, is making it increasingly hard for people to choose when to retire,” said Indira Venkateswaran, AARP Senior Vice President of Research in an April 24 statement announcing the findings of the retirement survey. “Everyday expenses continue to be the top barrier to saving more for retirement, and some older Americans say that they never expect to retire,” says Venkateswaran.

Credit card debt is out of control, say the researchers. Nearly one-third (30%) of older adults who carry over a credit card balance from month-to-month report carrying a balance of $10K or more, while 12% described their balance as $20K or more, up from 8% roughly a year ago, they say.

Despite this, 33% of respondents ages 50+ believe their finances will be better 12 months from now, but the lingering effects of inflation and high costs are still apparent to them.

More than one-third (37%) of the respondents worry about covering basic expenses, such as food and housing. More than 26% worry about covering family caregiving costs. The survey’s findings indicate that seven in 10 (70%) worry about prices rising faster than their income. Over 26 % of people who are not yet retired say they expect to never retire.  No rocking chairs on the porch or travel for these individuals.

Nancy LeaMond, AARP Executive Vice President and Chief Advocacy & Engagement Officer, warns that the nation faces a “serious retirement crisis.”  She says, “AARP has a long history of supporting legislation to expand access to retirement savings, but Congress must act more swiftly to provide the financial support older Americans need and deserve.”

Congress is currently considering different pieces of legislation that would expand retirement security, including the bipartisan Retirement Savings for Americans Act of 2023, which would provide retirement savings accounts to eligible workers without employer-sponsored retirement plans, and the Automatic IRA Act of 2024. 

LeaMond says that AARP has successfully worked with 19 states to create state programs to make it easier for people whose employers don’t offer a retirement plan to be able to save for their future. “But about two-thirds of states have yet to act, and we await action from the federal government,” says LeaMond.

Americans are 15 times more likely to save for retirement when they have access to a workplace plan. Yet nearly 57 million seniors do not have access to a retirement plan at work, according to AARP. Eight states have auto-IRA programs up and running: California, Colorado, Connecticut, Illinois, Maine, Maryland, Oregon, and Virginia, while Massachusetts has a multiple employer plan in place. Ten other states have passed legislation and are at various stages of implementation, including Washington, where auto-IRA legislation was signed into law last month.  

Rhode Island now joins the ranks, offering auto-IRA programs

Over two months after the release of AARP’s retirement study, on June 27, with Gov. Dan McKee signing legislation (S 2045 aa, H 7127 aa), Rhode Island joins 19 other states in enacting legislation to help private-sector workers save for retirement through their jobs.

Rhode Island’s retirement legislation was introduced by Sen. Meghan Kallman (Dist. 15, Providence, Pawtucket) and Rep. Evan P. Shanley (Dist. 24, Warwick).

Among the biggest beneficiaries of the auto-IRA programs are small businesses and their employees. Approximately 70% of workers at companies with fewer than ten employees have no access to retirement savings through work.

“Most of us will reach an age when we will want to stop working, however, for thousands of workers in Rhode Islander this is not an option because they do not have money set aside for retirement,” said Kallman. “Secure Choice is a convenient, portable, voluntary IRA managed by the state that works directly through workers’ jobs; essentially a public-option IRA for those whose employers do not offer one,” she says.

Adds Shanley, “When I talk to small businesses in my community, they really care about their staff and want their workers to be able to save for retirement. But small business owners can’t be experts in everything and often don’t know where to start with offering retirement savings. This bill gives them a way to support their workers and gives workers a chance to save,” he said.

“Hardworking Rhode Islanders deserve to retire with dignity and that is why we are thrilled to celebrate the passage of Secure Choice,” said Catherine Taylor, AARP Rhode Island state director.

“The bill passed with strong bipartisan support after four years of AARP advocacy,” adds Matthew Netto, AARP Rhode Island advocacy director. The state is eyeing a 2026 launch of the program, which is still in the planning stages.

The Secure Choice Program would create a state sponsored retirement savings program (Auto-IRA) that will be accessible to the over 172,000 private sector employees in Rhode Island that do not have access to a plan through their employer.

Secure Choice is designed to be no cost and liability free for businesses. Employees would be automatically enrolled with the ability to opt out anytime. The savings would belong to the employee – they would be able to choose how much to contribute via automatic payroll deduction and take it with them from job to job.

The Rhode Island Secure Choice Retirement Savings Program, the state’s auto-IRA plan administered by the office of the General Treasurer, would see retirement savings accumulated in individual accounts for the exclusive benefit of the participants or their beneficiaries. Private employees who do not already offer a retirement plan would be required to offer workers access to the Secure Choice program.

Secure Choice a great investment for Rhode Island

Under the enacted legislation, Rhode Island General Treasurer James A. Diossa, would be charged with administering contributions through payroll deductions and investing these funds in accordance with best practice for retirement savings vehicles. The act would become effective for all eligible employers within 36 months of the opening of the program enrollment following a phased implementation period.

“The Secure Choice Act is a great investment in Rhode Island families,” said Diossa. “For too long, more than 40% of private sector employees in the state have lacked the assurance of adequate retirement savings. Secure Choice will help transform the retirement landscape by offering the opportunity to prepare for retirement,” he says.

Said Kristina Contreras Fox, director of policy and advocacy at the Rhode Island Black Business Association, “The Rhode Island Black Business Association is thrilled to see our General Assembly take bold action in supporting robust small business growth and closing the racial wealth gap by passing the Secure Choice Retirement Savings Act. “Small business owners have advocated for years in support of this legislation since it will help them recruit talented workers looking for good jobs not only with a living wage but also strong benefits,” she said, noting that for minority entrepreneurs, the passage of this bill also brings an added measure of support for their families.

AARP has a tool that can help calculate how much you will need in retirement with a personalized snapshot.  Go to https://www.aarp.org/membership/benefits/finance/retirement-calculator/