Amendment H-1314 to SF 449

Filed May 12, 2025 in the House by

In plain words

AI summary This amendment changes the daily transaction limit from ten thousand dollars to two thousand dollars and reduces the reporting timeframe from thirty days to seventy-two hours. It also increases a penalty from fifteen to twenty and adds new rules requiring operators to prevent multiple people from using the same digital wallet and to implement a forty-eight-hour hold on a new customer's first transaction.¹

What it changes

1. Page 2, line 1, by striking “thirty calendar days” and inserting “seventy-two hours”
2. Page 2, by striking lines 12 and 13 and inserting “transaction kiosk, accept from an existing consumer or dispense to an existing consumer more than ten thousand dollars per calendar day.”
3. Page 2, line 18, by striking “ten thousand dollars” and inserting “two thousand dollars per calendar day”
4. Page 2, line 24, by striking “Fifteen” and inserting “Twenty”
5. Page 6, after line 6 by inserting: “e. (1) An operator shall maintain restrictions that prevent more than one consumer from using the same virtual currency wallet. (2) An operator shall be able to prevent designated virtual currency wallets from being used at any of the operator’s digital financial asset transaction kiosks.”
6. By striking page 6, line 7, through page 7, line 6, and inserting: “
7. Hold period. a. An operator shall hold the first digital financial asset transaction made by a new consumer for a period of at least forty-eight hours, after which time the operator may complete the new consumer’s digital financial asset transaction. b. An operator shall not permit a new consumer to complete a second digital financial asset transaction until the hold period under paragraph “a” has lapsed. c. During a hold period under paragraph “a” , a new consumer may contact the operator to request that the consumer’s first digital financial asset transaction be canceled and the entire amount of the new consumer’s first digital financial asset transaction be returned or refunded to the new consumer.”
8. By renumbering, redesignating, and correcting internal references as necessary.

Official amendment (PDF) · In the Bill Book