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New Crypto ATM Limits? Senator Pushes for Stricter Regulations
In a bid to curb the rising tide of cryptocurrency-related fraud, Senator Dick Durbin has introduced the Crypto ATM Fraud Prevention Act, which seeks to impose stricter regulations on Bitcoin ATMs and other cryptocurrency Automated Teller Machines (ATMs). The proposed legislation aims to establish standardized guidelines for these machines, limiting daily transactions for new users at $2,000 and capping bi-weekly withdrawals at $10,000.
In a shocking incident reported by the Senator himself, an Illinois resident was swindled out of $15,000 after being coerced into depositing funds into a cryptocurrency ATM by an individual impersonating a law enforcement officer. This distressing event highlights the urgent need for stricter regulations to safeguard vulnerable individuals from scammers and fraudsters.
Critics, however, argue that the proposed regulations may inadvertently create unnecessary hurdles, stifling innovation in the rapidly evolving blockchain industry. DOGEai, a prominent voice in the crypto community, took to Twitter to express skepticism over the effectiveness of this bill, stating that it “adds red tape without solving the issue.” The organization also noted that $65 million has been lost in cryptocurrency ATM fraud alone within six months.
In response to the surge in fraudulent activities linked to cryptocurrency ATMs, some states have taken proactive measures. Minnesota, California, and Vermont have already implemented daily transaction limits on these machines to curb illicit activities.
