North Dakota weighs a bill to curb crypto scams

North Dakota lawmakers are considering a bill, HB 1447, meant to help prevent cryptocurrency fraud. AARP, the advocacy group for older Americans, is asking residents to tell their legislators to vote yes.

Why crypto is the focus

Cryptocurrency is digital money that moves online without a bank in the middle. A 2022 Federal Trade Commission (FTC) report found that consumers lost more money to scams paid through crypto than through any other payment method in recent years. Losses topped $1 billion since 2021, and the median reported loss was $2,600.

The bigger picture

An AARP survey found that nine in 10 Americans met a fraud attempt in the past year. At least one in six of them lost money. AARP also says one in five older adults are victims of financial exploitation, and the average victim loses $120,000.

What is not known yet

The material does not say what HB 1447 would require, who it would cover or when a vote might happen. AARP describes it only as a bill that would help prevent crypto fraud and says the legislature is considering it in 2025. The FTC figures also come from a 2022 report, so they are not a current count.

What to do

North Dakota residents who want a say can contact their legislators. AARP's ask is a yes vote on HB 1447. Anyone else can take the lesson from the FTC numbers: crypto is where scam losses have piled up, so extra caution is worth it.