Senator Proposes Bill to Combat Crypto ATM Scams

The Crypto ATM Fraud Prevention Act aims to introduce consumer protections and transaction limits to address rising fraud cases.

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.