CARSON CITY, Nev. (FOX5) — Nevada Attorney General Aaron Ford is warning residents about a growing scam involving cryptocurrency kiosks found in gas stations and convenience stores.

The machines, commonly called Bitcoin or crypto ATMs, convert cash into digital currency that can be sent to unknown third parties. The transactions cannot be reversed and are nearly untraceable, making it extremely difficult to recover stolen money.

Scammers typically begin with an unsolicited phone call, text, email or pop-up message that creates a sense of fear and urgency, Ford’s office said. The criminals often impersonate someone the victim would trust, such as a relative or representative of a legitimate organization. They claim an emergency exists that can only be resolved by depositing funds into a cryptocurrency kiosk.

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The scammer then provides instructions about how to complete the transaction, which sometimes include a QR code associated with the scammer’s digital wallet.

According to FBI data cited by AARP, cryptocurrency kiosk scams disproportionately impact older adults. In 2025, cryptocurrency kiosks were used in scams that led to more than $389 million in reported losses.

“One of the most important ways to protect yourself from scams is to stay informed — scammers are consistently changing their tactics to fool you in new ways,” Ford said. “If a person asks you to use a cryptocurrency kiosk to transfer money, stop and consider if the interaction feels above board. When in doubt, follow your gut.”

Nevadans who believe they may have been victims of a scam, including one involving cryptocurrency kiosks, can file a complaint with the Office of the Attorney General.

Liquidations Pass the Billion-Dollar Mark

Bitcoin plunged below $60,000 on Friday amid a market-wide sell-off that shaved approximately $200 billion from the crypto economy. According to Bitstamp data, the cryptocurrency nosedived to $59,743, briefly widening its losses since June 1 to more than $14,000—a decline of nearly 20% in five days.

While it bounced back to $61,000 shortly after tapping the new year-to-date low, the cryptocurrency was still down by nearly 4% in 24 hours. The drop widened bitcoin’s year-to-date losses to 30% and briefly pushed its market capitalization below $1.2 trillion, a level last seen in October 2024. The bearish sentiment extended to altcoins, some of which logged double-digit losses, driving the crypto economy’s aggregate market cap down to $2.23 trillion.

Meanwhile, the market mayhem pushed liquidations past the $1 billion mark for the fourth time in five days. As expected in a declining market, long bets accounted for a disproportionate share of the leveraged positions erased, making up $1.28 billion of the $1.57 billion total. Bitcoin alone saw $381 million in long positions wiped out, compared with $111 million in shorts.

While a handful of critics attribute bitcoin’s downward spiral to Strategy’s disposal of a mere 32 bitcoins, market analysts argue the scale of the capitulation points to deeper structural vulnerabilities. The sheer velocity of the sell-off suggests a broader institutional exit and systemic liquidations that far outweigh the ripple effects of an otherwise negligible corporate divestment.

However, this alternative view did not stop “Mad Money” host Jim Cramer from accusing Strategy Executive Chairman Michael Saylor of “murdering bitcoin.” Saylor, facing criticism stemming from the sale, responded by publishing a comprehensive essay on X detailing what he calls the “Four Ideologies of Bitcoin.” In the essay, Saylor argues that as bitcoin transitions from a technical experiment to a global asset, its community is dividing into four distinct yet overlapping schools of thought that define its future.

The Four Ideologies of Bitcoin

The first school of thought, championed by maximalists, views bitcoin as a moral and civilizational advance. They emphasize its role as the dominant, incorruptible digital monetary network that provides superior property rights and economic hope to those facing financial misery.

Capitalists, on the other hand, focus on scaling bitcoin by integrating it as “digital capital” into global financial systems. This group advocates for corporate treasuries, institutional custody, and bitcoin-backed credit and securities, arguing that market incentives will ultimately drive the network’s growth and defense.

Saylor identifies technologists as a group that believes the protocol must responsibly and continuously evolve to address future technical threats, such as quantum computing, while improving base-layer privacy, scalability, and usability.

Lastly, the Strategy chairman sees fundamentalists as the guardians of bitcoin’s first principles, such as absolute decentralization, self-custody, running personal nodes, and censorship resistance, aiming to protect the protocol from institutional capture or dilution.

Saylor concluded his essay by arguing that a healthy bitcoin ecosystem requires a synthesis of all four groups. Rather than choosing between purity and adoption, Saylor noted that the network’s ultimate path forward relies on keeping the core protocol sacred and stable while allowing the global economy to build on top of it.

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As Federal Reserve Vice Chair for Supervision Michelle Bowman told lawmakers, “The financial system continues to adapt to technological advances, including the rapid evolution of artificial intelligence capabilities and the risks and benefits of its use.” She warned that recent advances in AI have accelerated the identification of cyber vulnerabilities across critical infrastructure, including banking systems.

The hearing brought together Bowman, Office of the Comptroller of the Currency Comptroller Jonathan Gould, National Credit Union Administration Chairman Kyle Hauptman and Federal Deposit Insurance Corporation Chairman Travis Hill.

Stablecoins Move to Payments Infrastructure

Perhaps the strongest area of alignment involved implementation of the GENIUS Act and the development of supervisory frameworks for payment stablecoins.

Gould said the OCC is “working to respond to comments on our GENIUS Act proposal and finalize it.” He argued that the legislation and accompanying regulations would provide safeguards comparable to earlier banking reforms, stating that “the GENIUS Act and our rule will help ensure appropriate consumer protections for stablecoin users.”

Hauptman framed stablecoins primarily as payments infrastructure rather than a crypto asset discussion.

“Stablecoins can make payments faster, cheaper, and more inclusive,” he told lawmakers, adding that widespread adoption could eliminate the familiar concept of waiting multiple business days for payments to settle. He noted that “every day is a business day with stablecoins.”

The NCUA chairman also emphasized the international implications of dollar-denominated stablecoins, arguing that the technology could reinforce the role of the U.S. dollar in global commerce. More than 80% of dollar stablecoin activity occurs outside the United States, according to his testimony.

At the FDIC, Hill described GENIUS Act implementation as “a top priority.” He highlighted proposals covering application requirements, reserve assets, redemption standards and compliance obligations for stablecoin issuers supervised by the agency.

Bowman similarly told lawmakers that the Federal Reserve is developing stablecoin issuer regulations as directed by Congress.

AI Creates Cybersecurity Questions

Artificial intelligence emerged as another major theme, though witnesses generally discussed it less as a productivity tool and more as a source of risk.

Bowman offered the clearest warning, saying that advances in frontier AI models have “dramatically accelerated the identification of cyber vulnerabilities across critical infrastructure, including the banking system,” per her written testimony. While the technology may strengthen defenses, she cautioned that it simultaneously exposes new avenues for cyberattacks.

During the hearing, Rep. Bill Foster, D-Ill., warned of “a wave of fraud driven by artificial intelligence and deep fakes” confronting banks and credit unions. He argued that regulators must remain sufficiently agile and well-resourced to address those threats.

During his opening statement, Foster argued that regulators must prepare not only for AI-enabled fraud schemes but also for risks created by faster-moving financial systems. “Consumers and markets are moving faster than ever with improved access to information, 24-hour banking, and the reduced friction of modern payment systems,” Foster said, while noting that criminals still use “older banking tools such as paper checks for illicit purposes.”

The comments highlighted a challenge facing regulators and financial institutions alike: The modernization of payments may reduce friction for consumers and businesses, but it also reduces the time available to detect and stop fraudulent activity.

Gould said the OCC recently revised model risk management guidance with other banking agencies “to avoid impeding banks’ use of AI” and indicated that regulators are seeking additional feedback on where further guidance may be needed.

The discussion reflected a broader supervisory challenge facing banks: encouraging innovation while ensuring institutions can manage emerging technology risks. Rather than proposing entirely new regulatory structures, witnesses generally favored adapting existing risk-management frameworks to accommodate AI deployment.

Supervision Reform Centers on Risk

Beyond technology, the hearing focused heavily on how regulators conduct examinations and assess risk.

Bowman said a Federal Reserve review found that many supervisory findings were tied to procedural or documentation issues rather than threats to safety and soundness.

Hill echoed that theme, describing FDIC efforts to reform supervision around “material financial risks rather than process-oriented, check-the-box requirements.” He said the agency is reviewing existing supervisory findings and redefining key standards such as “unsafe or unsound” practices.

Gould likewise argued that the OCC is “returning to risk-based supervision rooted in law and emphasizing examiner judgment, not arbitrary checklists.”

The witnesses also highlighted revisions to the CAMELS rating framework, capital requirements and community bank leverage ratio rules, all designed, they said, to better align regulation with actual risk profiles.

Rep. Gregory Meeks, D-N.Y., pressed Gould on chartering and AML standards.

Meeks asked whether an applicant could obtain an OCC charter without demonstrating adequate BSA/AML compliance. Gould did not answer yes or no. He responded that the OCC’s chartering guidelines are “established by statute” and “detailed,” then added: “It’s not as simple as a yes and no.”

When Meeks continued pressing, Gould said he would be “doing a disservice to the members of the committee” if he treated the question as that simple.

Rep. Stephen Lynch, D-Mass., questioned Bowman on crypto access to the banking system.

Lynch raised concern about the convergence of traditional banking and crypto, saying banking has long been built around “safeguards and guardrails” while crypto remains a speculative asset class. He specifically asked whether regulators were looking closely at Kraken after it received limited Federal Reserve payment-system access.

Bowman responded that the Federal Reserve has “a tiered approach” for approving access to the payment system. She said Kraken’s access was approved by the Kansas City Fed for a “limited purpose” and a “limited period of time,” with the 12-month period lapsing early next year. She added that the Fed would use the arrangement to understand how that entity, and similar entities, might use limited access to the payment system.

The hearing made clear that the next phase of prudential regulation will be shaped as much by digital infrastructure as by traditional banking metrics. Stablecoin reserve frameworks, AI governance, cyber resilience and fraud controls occupied a larger share of the discussion than many legacy supervisory topics, reflecting how rapidly the regulatory agenda is evolving.