Senate Commerce Committee Statement — Senate Bill No. 2141 (New Jersey, June 8, 2026)

Summary

Senate Commerce Committee Statement to Senate, No. 2141, State of New Jersey, dated June 8, 2026, reporting favorably Senate Bill No. 2141. The bill prohibits any business entity from owning, controlling, installing, or managing a cryptocurrency automatic teller machine (ATM) in this State. Doing so, or selling or offering one for sale, is an unlawful practice under the consumer fraud act, punishable by a monetary penalty of not more than $10,000 for a first offense and not more than $20,000 for any subsequent offense. Violations may also bring cease and desist orders from the Attorney General. The statement cites the United States Federal Trade Commission’s Consumer Sentinel Network as reporting fraud losses linked to these machines of more than $110 million in 2023.

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     SENATE COMMERCE COMMITTEE

                     STATEMENT TO

                   SENATE, No. 2141

 STATE OF NEW JERSEY
                        DATED: JUNE 8, 2026

    The Senate Commerce Committee reports favorably Senate Bill
No. 2141.
    This bill prohibits any business entity from owning, controlling,
installing, or managing a cryptocurrency automatic teller machine
(ATM) in this State.
    Under the bill, cryptocurrency is defined as any digital form of
currency that functions as a medium of exchange through a
decentralized computer network without reliance on any central
authority such as a government or financial institution. In addition, a
cryptocurrency ATM means a physical, internet-connected kiosk
allowing users to buy, sell, send, or receive cryptocurrency by
depositing money using a debit card, credit card, or cash.
    Under the provisions of the bill, owning, controlling, installing,
managing, selling, or offering for sale a cryptocurrency ATM in this
State is an unlawful practice under the consumer fraud act, punishable
by a monetary penalty of not more than $10,000 for a first offense and
not more than $20,000 for any subsequent offense. In addition,
violations may result in cease and desist orders issued by the Attorney
General, the assessment of punitive damages, and the awarding of
treble damages and costs to the injured party.
    While cryptocurrency ATMs offer a convenient way for
individuals to buy, sell, send, or receive digital currencies, there has
been a significant rise in scams associated with their use. According
to the United States Federal Trade Commission’s Consumer Sentinel
Network, fraud losses linked to these cryptocurrency automatic teller
machines have surged nearly tenfold since 2020 to more than $110
million in 2023 and exceeded $65 million in just the first half of 2024.
Since many incidents of fraud go unreported, these figures likely
represent only a portion of the overall impact. It is the sponsor’s intent
to protect consumers from falling victim to financial losses associated
with the use of cryptocurrency automatic teller machines.
    This bill was pre-filed for introduction in the 2026-2027 session
pending technical review. As reported, the bill includes the changes
required by technical review, which has been performed.


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