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/.

When the dust settles. Looking back at 2024’s legislative days

Published in RINewsToday on June 24, 2024

Over a week ago, after being in session for 49 legislative days (opening day was Jan. 2, 2024), the Rhode Island General Assembly held its final session at 4pm on June 13, 2024, and ended at about 1:30am on June 14, 2024. During this year’s legislative session 1,167 bills and resolutions were introduced in the Senate, and 1,369 in the House. This total does not include Resolutions, which were  congratulatory in nature or noted prominent Rhode Island residents who have passed away.

With the dust settling at the end of this year’s session, there were 249 bills that passed both the House and Senate, and that are now sitting on Gov. Dan McKee’s desk for his signature to enact, or to pass without signature, or to be rejected.

“This was an outstanding legislative year for Rhode Island’s seniors,” observes House Speaker K. Joseph Shekarchi (D-Dist. 23, Warwick). “In addition to all the investments for seniors made in the state budget that has been signed by Governor McKee, there were excellent bills that will be of great benefit to our aging population, he says. 

Attacking the housing crisis head on

In a joint statement, the House Speaker and Senate President Dominick Ruggerio said, “It is critical to attack our housing crisis from many different angles. Allowing ADUs in other states has been proven to make a significant impact by immediately increasing available housing supply.  We are confident that ADUs will be beneficial for the many Rhode Islanders who need flexibility in housing options, particularly seniors wishing to age in place in their communities,” they say.

Shekarchi points out the enactment of ADU legislation sponsored by House Commission on Housing Affordability Chairwoman June S. Speakman (D-Dist. 68, Warren Bristol) and Sen. Victoria Gu (D-Dist. 38, Westerly, Charlestown, South Kingston) that would boost the development of accessory dwelling units (ADUs), which are also known as in-law apartments. The House Speaker is the House bill’s top co-sponsor.

“I have heard from so many seniors who would like to downsize and continue to live independently, but would enjoy the extra assurance of living on the property of their children,” he noted, thanking AARP Rhode Island and housing advocates, including Rhode Island Housing, Grow Smart RI and Housing Network RI, who pushed this “significant legislation” across the finish line. 

The bills (2024-H 7062A2024-S 2998A) would provide homeowners statewide the right to develop a single ADU on an owner-occupied property or within the existing footprint of their structures or on any lot larger than 20,000 square feet, provided that the ADU’s design satisfies building code, size limits and infrastructure requirements.

The purpose of the bill is to encourage the development of rental units that are likely to be more affordable than many other apartments, and also to provide opportunities for homeowners with extra space to generate income that helps them maintain ownership of that property.

To ensure that the bill achieves its goal of housing Rhode Islanders, the legislation prohibits ADUs constructed under this provision from being used as short-term rentals, and streamlines the permitting process.

In the HEALTH arena

According to Senate President Dominick J. Ruggerio, several legislative proposals in the Senate’s health care package passed the General Assembly.

“Few issues are as important as health care, and right now, our health care system is in critical condition. Health care absolutely must be accessible and affordable for all Rhode Islanders,” says Ruggerio, noting that for too many people in the Ocean State is too expensive or too difficult to get. “And we know that many health care providers are feeling enormous strain due to many factors,” he adds.

“Like providers and consumers, our community hospitals, including Fatima in my district, are facing difficult circumstances,” said the Senate President, who recognized his Senate colleagues in the development of this package of legislation.

“As we celebrate our victories in the 2024 session, we are committed to continuing our work on this issue and accomplishing all the objectives of the HEALTH initiative. “

According to Ruggerio, several legislative proposals in the Senate leadership’s HEALTH (Holistic Enhancement and Access Legislation for Total Health) initiative include legislative proposals to join five interstate licensing compacts to make it easier for Rhode Islanders to access the care they need and budget provisions to use $1 million of general revenue to purchase debts of struggling Rhode Islanders and incentivize providers to enter primary care fields.

Advocates on aging give their recap of the 2024 Legislative Session

“The Senior Agenda Coalition of RI supported several housing-related bills (that did not pass) that would benefit older adults including those sponsored by Rep. Meghan Cotter (D-Dist. 39, Exeter, Richmond, and Hopkinton)  and Sen. Linda Ujifusa (D-Dist. 11, Portsmouth, Bristol) to increase the income cap for the Property Tax Relief program to $50,000 and the credit or refund to $850 to help offset the costof property taxes and rents for older adults and persons with disabilities,” says Maureen Maigret, Policy Advisor for the Senior Agenda Coalition of RI (SACRI), noting the Coalition plan to continue to advocate for them next year.

Maigret warned that with a growing older population the need for more accessible housing will increase and the Coalition supported and will continue to support bills to create greater accessibility in new housing.  

Maigret stated that SACRI will also continue to support legislation to create a caregiver tax credit as provided for in 2024 legislation sponsored this year by Rep. Susan Donovan and Sen. Linda Ujifusa. “Our caregivers are valued and deserve our support. A caregiver tax credit will help the many R.I. family caregivers who provide thousands of hours of care for spouses and parents often spending thousands of dollars of their own money to give their loved ones a better, more comfortable life,” she says.

She noted that SACRI also plans to build on its efforts to further expand the Medicare Savings Program to help more lower-income persons on Medicare afford needed healthcare by covering required co-pays and deductibles and to continue its work to promote quality long term care through support for staffing standards, worker training programs and Medicaid enhanced reimbursement for private rooms to help with infection control issues that became so apparent during the Covid pandemic.

SACRI will also push next legislative session to enact legislation to establish a formula for state funding to support local senior centers and programs based on a community’s population of those 65 years and over.  

Raise the Bar on Resident Care and other advocates successfully pushed the passage of H 7733 and S 2621 legislation sponsored by Rep. Scott Slater (D-Dist. 10, Providence) and Sen. Bridget Valverde (D-Dist. 35, (East Greenwich, North Kingstown, South Kingstown) that would establish the Nursing Home Work Standards Board (NWSB). According to Raise the Bar, NWSB will help stabilize the nursing home system by establishing training standards, promoting caregiver rights, depoliticizing funding allocations and implementing financial oversight of nursing homes.  A 13-member board (including frontline staff, nursing home management representatives, state government and community organizations will work with Medicaid to ensure comprehensive and informed decision-making.

“In 2023, Minnesota passed its own Nursing Home Workforce Standards Board and just voted to raise wages for caregivers to over $23 an hour in 2027 while guaranteeing 11 paid holidays. Here in Rhode Island, the Workforce Standards Board is a critical step toward transforming nursing home jobs into sustainable careers that can support a family and provide quality resident care. Now we need Governor McKee to show his support and sign this bill into law,” said Jesse Martin, Executive Vice President of SEIU 1199 New England, member of Raise the Bar on Resident Care.

Raise the Bar also advocated for the passage of the Financial Transparency Act (S 2604 | H 8204) but ultimately pulled the bill in order to re-adjust some of its language. This legislative proposal, S 2604, sponsored by Sen. Dawn Euer (D-Dist.13, Newport, Jamestown) and its companion measure, H 8204, sponsored by Rep. Matthew Dawson (D-Dist.65, East Providence) would require nursing homes to provide annual, audited financial statements that include detailed income, expenses, and cash flow, alongside transparent ownership information to prevent for-profit owners from misusing Medicaid and Medicare dollars. “We look forward to advocating for its passage in next year’s legislative session to ensure all for-profit nursing homeowners are held accountable to investing public dollars appropriately in direct care,” continued Jesse Martin. 

Advocates for Better Care in Rhode Island, a grassroots community organization founded to advocate for the rights and interests of residents of long-term care facilities in RI, celebrates the passage of S. 2263. The Long-Term Care Residents Rights Camera Bill, notes Director Kathleen Gerard. 

“The legislation gives residents of nursing homes and assisted living facilities and their legal representatives the right to install a monitoring device in their room provided all residents in the room consent. The consent can be withdrawn at any time, and a variety of safeguards exist to protect resident privacy,” says Gerard.

The legislation, S 2263 A, sponsored by Sen. Dawn Euer (D-Dist. 13, Newport, Jamestown, who chairs the Senate Committee on Judiciary and H 7969 A, sponsored by Deputy Majority Leader Jason Knight (D-Dist. 67, Barrington and Warren) has been signed by the governor and will take effect Jan. 1, 2025.  

According to Gerard, the legislation was first introduced in this form in 2021, but the care staffing crisis and massive 138% increase in serious deficiencies cited in RI long-term care facilities since 2022 made it even more urgent to finally pass it this year.

“Speaker Shekarchi worked tirelessly to reach a compromise that was acceptable to the various parties supporting and opposing the bill, and long-term care residents will consequently soon be able to have their care and condition monitored remotely by loved ones and care-partners, resulting in more peace of mind for everyone,” she says. 

“A legislative proposal we backed this year and that we hope to see enacted next year was introduced by the Rhode Island Department of Health.  The legislation, (S 2818 sponsored by Sen. Joshua Miller (D-Dist. 28, Cranston, Providence and H. 7819 sponsored by Rep. June S. Speakman), would improve financial transparency in nursing home ownership and prevent the rapid extraction of equity from facilities that we see with many private equity firms, real estate investment trusts, and investor groups,” says Gerard.

Next legislative session, Gerard says Advocates for Better Care in Rhode Island will also continue to advocate for legislation requiring assisted living facilities to support family councils.   This requirement already applies to nursing homes, she notes.

“We’ve Only Just Begun, says Sandra Paquette, representing Advocates for COLA Restoration and Pension Reform, a non-profit representing 4,700 retirees. “Our group numbers continue to increase, along with our determination and commitment, to fight for the justice which was so unnecessarily and ruthlessly taken away,” she says. .

According to Paquette, there were legislative proposals pertaining to current and future state and teaching retirees, which did not reach the floor of the House or Senate. One legislative proposal applied to those active employees whose retirement is based upon an arbitrary “rule of 95”. This translates into a calculation where the years of service and the age of those wishing to retire must add up to 95. The law would have changed this total to 90. Another one for which we strongly advocated, and for which we provided thousands of letters, verbal testimony and volunteer lobbying sessions was Pat Serpa’s (D-Dist. 27, West Warwick, Coventry and Warwick), H-8193, would have restored a compounded Cost of Living Adjustment (COLA) to all current and future retirees, and would have been enacted as of July of this year.

“Our goals for next year will remain— to advocate through testimony, letters, media and lobbying–for the passage of the two bills which will provide the now essential support to the victims of the 2011 Rhode Island Retirement Security Act,” says Paquette.

And here are specifics about other bills that impact seniors:

AARP Rhode Island pushes its 2024 legislative agenda

Published in RINewsToday on February 12, 2024

Standing in front of an AARP backdrop in the Rhode Island State Room at the State House, last week AARP Rhode Island hosted a 34 plus minute press conference plugging the “aging” group’s 2024 legislative agenda. The nonprofit organization, representing 125,000 members, unveiled its four priority issues: to increase temporary care giver insurance to caregivers, to boost the availability of Accessory Dwelling Units (ADUs); to create a program to allow employees to save for retirement; and to eliminate the state’s income tax on Social Security. 

Gov. Dan McKee, House Speaker K. Joseph Shekarchi (D-Dist. 13, Warwick), Senate Majority Leader Ryan W. Pearson (D-Dist. 19, Cumberland, Lincoln), State Treasurer James Diossa, came to support AARPs efforts advocacy efforts, backing its four priority legislative issues. 

“AARP’s mission is to empower people to choose how they live as they age,” said State Director Catherine Taylor, in her opening remarks.  At the event, she called on lawmakers to pass AARP Rhode Island’s legislative agenda. 

Taylor took this opportunity to share the results of the 2023 AARP Rhode Island Vital Voices survey that reveals that Rhode Island residents age 45+ overwhelmingly would choose to remain in their own communities and own homes as they grow older. “In order for this to be a reality, Rhode Islanders must have financial security in retirement, affordable and accessible housing options, and access to resources that enable them to take care of those they love,” she said. 

Let us take a look at AARP Rhode Island’s legislative priorities for this year.

Boosting the State’s Housing Production 

With the strong support of House Speaker K. Joseph Shekarchi (D-Dist. 13, Warwick), one of nine Democratic cosponsors of H. 7062, it is expected that House leadership will send the approved committee bill to the floor this week for a vote. The legislative proposal would boost the state’s housing production by allowing a homeowner to develop Accessory Dwelling Units (ADUs) on their property.

ADUs, sometimes referred to as in-law apartments or granny flats, backyard cottages, or secondary units, allow seniors to downsize enabling them to live independently and age in place in their communities. The bill was written in collaboration with AARP Rhode Island, and is one of the aging group’s primary legislative policy goals. 

H. 7062, introduced by Rep. June S. Speakman (D -Dist. 68, Bristol/Warren), chairwoman of the House Commission on Housing Affordability, would boost the state’s housing production by making it easier for homeowners to develop ADUs on their property. It would give the property owner the right to develop an ADU within the existing footprint of their structures or on any lot larger than 20,000 square feet, provided that the design complies with local building code, size limits and infrastructure requirements. 

Sen. Victoria Gu (D-District 38, Westerly, Charlestown, South Kingstown) will shortly submit a Senate ADU companion proposal but has yet to drop it into the legislative hopper. One Senator noted that there will be technical differences between the House and Senate ADU proposals which will have to be ironed out. 

Assisting employees to save for retirement – Secure Choice

Rep. Evan P. Shanley (D-Dist. 24, Warwick, East Greenwich), throws H 7121, The Rhode Island Secure Choice Retirement Savings Program, into the legislative hopper. The bill would establish a convenient, low-cost voluntary retirement savings plan for working Rhode Islanders.

According to AARP Rhode Island, about 40 percent of Rhode Island private sector workers, about 172,000, ages 18 to 64 in 2020 were employed by businesses that do not offer any type of retirement plan.

The retirement savings program, 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. The bill would see no fiscal impact on the state’s budget.

H 7121 has been referred to the House Finance Committee for consideration. A companion measure (S 2045) has been introduced in the Senate by Sen. Meghan E. Kallman (D-Dist. 15, Pawtucket, Providence).

Under Shanley’s legislative proposal, the General Treasurer, who serves as the custodian of state funds for the Rhode Island government, would be charged with collecting contributions through payroll deductions and investing these funds in accordance with accounting best practices for retirement saving vehicles. The elected official would also be responsible for setting minimum and maximum contribution levels in accordance with contribution limits set for IRAs by the Internal Revenue Code. The law would become effective for ALL eligible employers within 3 months of the opening of the program enrollment following a phased implementation period. 

Caring for Caregivers

Senate Majority Whip Valarie Lawson (D-Dist. 14, East Providence) and Rep. Joshua J. Giraldo (D-Dist. 56, Central Falls) have introduced identical bills in their chambers that would expand Rhode Island’s Temporary Caregiver Insurance (TCI) program from six weeks to 12. It also increases weekly dependent’s allowances from $10 to $ 20 or 7% increase of benefit rate whichever is greater. That would bring the Ocean State in line with other states and allow new parents more time for parental leave and caregivers more time to care for a critically ill family member.

S 2121 and its House companion measure, H 7171, would also expand the definition of critically ill family to include grandchildren, siblings and “care  recipients,” defined as individuals for whom the employee is a primary caregiver.

According to AARP Rhode Island, the state’s unpaid family caregiver labor force totals 121,000, providing 113 million care hours per year.

The United States is one of only six countries in the world, and the only wealthy country, without guaranteed parental leave, according to the Bipartisan Policy Center. In recent years some states, like Rhode Island, have stepped up to offer their own programs.

According to a statement released announcing the introduction of S 2121, Rhode Island became the third state in the nation to offer paid parental leave in 2013 when legislators created the TCI program. TCI, which is paid for through payroll deductions, allows new parents to take six weeks of paid leave to bond with and care for their child. It also allows individuals to take this time to care for a seriously family member. That can prove vital for a working adult who needs to care for their spouse after a surgery or a terminally ill parent.

Since 2013, however, many other states have surpassed Rhode Island’s leave offerings. Currently, 11 states and the District of Columbia offer paid parental leave, with two additional states set to offer it beginning in 2026. Most offer 12 weeks, while Rhode Island offers the least amount of time at just six weeks, says the statement.

Finally, it was noted that individuals on TCI in Rhode Island receive 60% of their normal salary. Of the ten states that offer similar programs, most workers receive at least 80%. In Massachusetts, workers receive 80% of their salary for 12 weeks. Workers in nearby Connecticut receive 95% of their salary for 12 weeks.

Cutting Taxes 

According to AARP Rhode Island, more than one in five Rhode Island residents, that’s 230,018, receive Social Security benefits.  These payments inject more than $ 4 billion into the state’s economy every year.

But Rhode Island is one of 9 states that tax Social Security beneficiaries, says AARP Rhode Island. The state tax on Social Security undermines the purpose of the retirement program, charges the state’s largest aging group, estimating that this program has lifted 50,000 Rhode Islanders 65 or older out of poverty from 2018 through 2020.

Three Senate bills and one House bill have been introduced so far.   

S 2061, introduced by Deputy Minority Whip Sen. Elaine J. Morgan (R-Dist. 34, Charlestown, Exeter, Hopkinton, Richmond, West Greenwich), identical to a bill introduced last year, aside from the effective date would allow a modification to federal adjusted gross income for all Social Security income for tax years beginning on or after January 1, 2025.

Sen. Mark P. McKenney (D-Dist. 30, Warwick) has introduced S 2158 and House Deputy Majority Whip Mia A. Ackerman (D-Dist. 45, Cumberland, Lincoln) just submitted H 7588. These identical bills would gradually phase in modifications to the federal adjusted gross income over a four-year period for Social Security income, from 25% up to 100%, beginning on or after January 1, 2025.

And, Sen. Walter S. Felag, Jr. (D-Dist. 30, Bristol Tiverton Warren) legislation, S 2058, would increase the federal adjusted gross income threshold for modification for taxable social security income. This act would also amend references to the federal adjusted gross income as it pertains to modification of taxable retirement income from certain pension plans or annuities.

To watch AARP RI’s legislation reception, held Feb. 8, 2024l, go to https://capitoltvri.cablecast.tv/show/214?site=1.

For obtain the results of the 2023 AARP Rhode Island Vital Voices survey, go to:

https://www.aarp.org/research/topics/life/info-2022/aarp-vital-voices-surveys-older-adults-2022-2024.html – and scroll down to “Rhode Island”