US Crypto Legislation Targets ATM Fraud Amid Rising Scams
by aria-crypto.com
March 4, 2025 at 12:55
US Crypto Legislation Targets ATM Fraud Amid Rising Scams
Illinois Senator Dick Durbin has introduced legislation focused on curbing the rampant fraud associated with cryptocurrency ATMs across the United States. Over $66 million was lost to crypto ATM scams in just the first half of 2024, with the Federal Trade Commission (FTC) citing significant financial harm to American citizens, particularly senior citizens. Durbin's proposed legislation would enforce mandatory scam warnings and implement preventive measures directly on crypto ATM machines. According to the senator, over 30,000 cryptocurrency ATMs are currently operating in the U.S., frequently exploited for fraudulent activities totaling $114 million in losses in 2023. The bill also aims to give law enforcement improved tools to pursue fraudsters effectively. As legislative efforts ramp up, the country has observed a decline in the number of operational crypto ATMs, shedding over 1,200 machines in February alone. This proposed regulatory framework represents a critical step toward securing a largely unchecked digital finance area, reflecting broader national trends towards tightening crypto regulations.
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