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S 3694

Establishes the work opportunity tax credit for businesses with fifty employees or less for hiring a long term unemployed person

2025 Regular Session Introduced by James Sanders

NJ S 3694 bans owning, installing, controlling, selling, or offering for sale cryptocurrency ATMs in New Jersey; penalties up to $20,000 and enforcement tools to curb crypto scams.

REPORTED AND COMMITTED TO FINANCE
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WeVote Research Nonpartisan
Bill Summary · S 3694

Summary of NJ S 3694 (Cryptocurrency ATM Prohibition)

Note: The bill analyzed below reflects the introduced version’s text and the accompanying Assembly/Senate statements and actions. The bill as introduced focused on prohibiting cryptocurrency ATMs in New Jersey and establishing related penalties and enforcement mechanisms.

Overview

  • Bill Number: S 3694
  • Title (as introduced): Establishes policies around cryptocurrency ATMs, effectively prohibiting their ownership, control, installation, management, sale, or offering for sale in New Jersey.
  • Status: Introduced 9/30/2024; referred to Senate Commerce; later actions include being “Reported and Committed to Finance” (5/28/2025) and other referrals.
  • Sponsor: Senator James Sanders Jr. (primary)
  • Related Bills: Companion A 4880; several prior-session companion/Senate bills (e.g., S 5573, S 1517, S 2119, S 637, S 5846, A 7161).

Purpose and Intent

  • The Legislature identifies a rising risk of consumer fraud and losses associated with cryptocurrency ATMs (cash-to-crypto/crypto-to-cash kiosks).
  • The bill aims to protect consumers by restricting the ownership, control, installation, management, sale, or offering for sale of cryptocurrency ATMs within the state.
  • It authorizes rulemaking to implement the provisions and addresses enforcement and remedy mechanisms.

Key Provisions

Definitions

  • Business entity: Broadly defined to include any natural or legal person or commercial entity organized under New Jersey law or other jurisdictions.
  • Cryptocurrency: Any digital form of currency that functions as a medium of exchange via a decentralized computer network without reliance on a central government or financial authority.
  • Cryptocurrency automatic teller machine (ATM): A physical, internet-connected kiosk that allows users to buy, sell, send, or receive cryptocurrency by depositing money with a debit card, credit card, or cash.

Prohibited Conduct

  • It is unlawful under the bill, as a violation of the New Jersey Consumer Fraud Act, for any business entity to own, control, install, manage, sell, or offer for sale a cryptocurrency ATM in the state.

Penalties and Enforcement

  • Monetary penalties: First offense up to $10,000; subsequent offenses up to $20,000.
  • Additional remedies: Cease-and-desist orders by the Attorney General; punitive damages; treble damages and costs to the injured party (i.e., anticipated triple damages for willful/knockout violations, typical of Consumer Fraud Act actions).

Regulatory Authority and Rulemaking

  • The Director of the Division of Consumer Affairs may promulgate rules and regulations under the Administrative Procedure Act to effectuate the act’s provisions.

Effective Date

  • The act takes effect on the first day of the sixth month following enactment.

Affected Parties

  • Primary impact: Businesses and individuals owning, controlling, installing, managing, selling, or offering for sale cryptocurrency ATMs in New Jersey.
  • Consumers: Aimed at reducing exposure to scams and fraud associated with cryptocurrency ATMs, as highlighted in the bill’s statement of intent.

Legislative and Procedural Timeline

  • Introduced: September 30, 2024
  • Committees: Referred to Senate Commerce; later actions show progression to Finance (5/28/2025) and Budget and Revenue referrals (1/29/2025).
  • Notable actions: Reported and committed to Finance (May 28, 2025); multiple referrals indicating consolidation of fiscal review.

Potential Impacts and Considerations

  • Consumer protection enhancement by criminalizing and penalizing the sale and operation of cryptocurrency ATMs in New Jersey.
  • Possible effects on businesses that previously operated or planned to install crypto ATMs in NJ.
  • Administrative burden on the Division of Consumer Affairs to implement and enforce the prohibition through rulemaking and compliance activities.
  • Complementary or companion bills (e.g., A 4880) may pursue similar restrictions in the Assembly, reflecting cross-chamber interest.

If you’d like, I can tailor this summary to emphasize the bill’s impact on specific stakeholder groups (e.g., retailers, fintech operators, consumer advocacy groups) or compare it to related bills in the same session.

Compiled from official sources — confirm details with the bill’s official record.

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