Overview

• The proposed legislation would cap new users' transactions at $2,000 per day and $10,000 over 14 days to curb losses from scams.
• Crypto ATM operators would be required to provide verbal confirmation for transactions exceeding $500 with new customers.
• Victims of fraud who report incidents to law enforcement within 30 days would be eligible for full refunds, with at least fees reimbursed for existing customers.
• The bill responds to increasing scams, often targeting older adults, with losses from Bitcoin ATM fraud exceeding $114 million in 2023, per FTC data.
• The legislation seeks to address gaps in federal oversight while deferring to stricter state-level regulations where applicable.