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SB 887WEST VIRGINIASession 2026State Billdead
Did Not Advance

West Virginia brings cryptocurrency kiosks under money transmission laws, setting fee caps and fraud refund rules

Original title: Relating to requirements for licensure and regulation of money transmission services

Last action · February 19, 2026: To FinanceSponsors: Trenton Barnhart and 8 others

Bill progressHistory & official text ↓
Introduced
Committee
Floor Vote
Passed
Law

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Public stanceCommunity reactions are separate from the official record and reporting.

What This Bill Proposed

West Virginia Senate Bill 887 requires operators to obtain money transmission licenses within 90 days, caps transaction fees at 15 percent, and imposes daily transaction limits of $1,000 for new customers and $10,000 for existing customers. The measure also requires comprehensive risk disclosures, live telephone customer support, and a cancellation and full-refund process for certain fraudulent transactions reported by new customers within 10 days of registration.

Why it matters

Cryptocurrency kiosk operators must comply with state licensing, fee caps, and strict consumer protection requirements, while consumers gain formal transaction limits, receipt mandates, fraud disclosures, and refund rights for unauthorized or scam transactions.

Background
  • State regulation of virtual currency kiosks and Bitcoin ATMs has expanded nationwide as legislatures seek to curb financial scams targeting vulnerable consumers. context
  • The Nationwide Multistate Licensing System and Registry (NMLS) is widely used by state financial regulators to streamline licensing for money services businesses. context

Who It Would Have Affected

Groups the bill's text would have affected, as described in the record. Being affected is not a position for or against it.

Directly affected

Virtual currency kiosk operators

Operators must obtain state licenses through NMLS within 90 days, comply with 15 percent fee caps, enforce daily transaction limits, provide mandatory disclosures, and maintain compliance personnel.

Directly affected

Consumers using cryptocurrency kiosks

Customers receive mandatory risk disclosures, detailed transaction receipts, daily spending caps, fraud warning notices, and specific cancellation and refund rights for new accounts.

Directly affected

Elder adults

Elder adults receive enhanced due diligence protections, including risk-based pre-transaction evaluations and potential transaction holds of up to 72 hours for suspected financial exploitation.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

What is the maximum fee a virtual currency kiosk operator can charge?
The total amount of a fee and commission charged by a licensee for a virtual currency transaction cannot exceed 15 percent of the transaction amount.
Are virtual currency accounts insured by the federal government?
No. Virtual currency is not backed or insured by the government, and accounts are not protected by the FDIC, NCUA, or SIPC.
What are the daily transaction limits for using a virtual currency kiosk?
The maximum daily limit is $1,000 for each new customer and $10,000 for each existing customer.
Can a new customer cancel a fraudulent transaction and get a refund?
Yes. A new customer can cancel and receive a full refund for fraudulent transactions occurring within 10 days of registration, provided they report the fraud to the licensee and law enforcement within 30 days of the transaction.

What else do you want to know?

News Coverage

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Where This Stands

This bill did not become law - Died at adjournment · in Senate committee.

Procedural history

6 actions
  1. Feb 19, 2026SenateCommittee
    To Finance
  2. Feb 19, 2026Senate
    Committee substitute reported, but first to Finance
  3. Feb 9, 2026SenateCommittee
    To Banking and Insurance
  4. Feb 9, 2026SenateIntroduced
    Introduced in Senate
  5. Feb 9, 2026SenateCommittee
    To Banking and Insurance then Finance
  6. Feb 9, 2026SenateIntroduced
    Filed for introduction

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

Lobbying Activity

No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.

Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Sponsors

Trenton BarnhartSenateRepublicanPrimary sponsor
Mike OliverioSenateRepublicanSponsor
Anne CharnockSenateRepublicanSponsor
Laura ChapmanSenateRepublicanSponsor
Bill HamiltonSenateRepublicanSponsor
Show 4 more sponsors
Charles ClementsSenateRepublicanSponsor
Jack WoodrumSenateRepublicanSponsor
Jay TaylorSenateRepublicanSponsor
Ben QueenSenateRepublicanSponsor

Discoveries

1 pattern noticed across the record

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift98% confidence

Integration of Virtual Currency Kiosks into Money Transmission Laws

The bill systematically bridges traditional money transmission statutes with digital asset kiosks by classifying them as authorized delegates and requiring strict anti-fraud and compliance measures.

Division of Financial InstitutionsNationwide Multistate Licensing System and Registry

Connected Entities

Laura Chapman, Mike Oliverio, Bill Hamilton and 11 more
PersonLaura Chapman“Co-sponsor of Senate Bill 887”Map →
PersonMike Oliverio“Co-sponsor of Senate Bill 887”Map →
PersonBill Hamilton“Co-sponsor of Senate Bill 887”Map →
OrganizationDivision of Financial Institutions“State agency responsible for regulating financial institutions and money transmi”Map →
PersonCharles Clements“Co-sponsor of Senate Bill 887”Map →
PersonBen Queen“Co-sponsor of Senate Bill 887”Map →
OrganizationFederal Deposit Insurance Corporation“Federal deposit insurance agency providing protections not applicable to virtual”Map →
PersonJack Woodrum“Co-sponsor of Senate Bill 887”Map →
OrganizationSecurities Investor Protection Corporation“Federal investor protection corporation not covering virtual currency”Map →
PersonJay Taylor“Co-sponsor of Senate Bill 887”Map →
OrganizationNationwide Multistate Licensing System and Registry“System used for licensing and registration of financial services industries”Map →
PersonTrenton Barnhart“Lead sponsor of Senate Bill 887”Map →
PersonAnne Charnock“Co-sponsor of Senate Bill 887”Map →
OrganizationNational Credit Union Administration“Federal agency providing credit union protections not applicable to virtual curr”Map →

Sources

Open source document

www.wvlegislature.gov

Analysis Score

0–100
  • Significance20
    Lowered because this bill did not pass (its text scored 75)
  • Controversy40
    Intensity of disagreement among stakeholders
  • Entertainment10
    Compellingness for a non-policy-wonk reader
  • Buzz45
    Current news / social attention level

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