Since members of the United States Senate Bank Committee are expected to vote for legislation to address the structure of the digital asset market at the end of the month, one of the proponents of the bill has suggested that the Chamber version could address fraud through automatic cryptocurrency ATMs.
In a Monday X post, the Wyoming Senator, Cynthia Lummis, said that one of the problems she and the New York Senator Kirsten Gillibrand “hope to address the market structure” were cases of fraud that involved Bitcoin (BTC) ATMs.
He cited a report in which the Cheyenne Police Department “identified 50 instances of fraud” that predominantly affects older people through cryptographic automatic ATMs, totaling “more than $ 645,000.”
To date, the federal government has not approved a law to specifically address the fraud of ATMs and kiosks. The Federal Office of Research of the United States reported that it had received around 11,000 complaints of fraud cases in cryptographic kiosks in 2024, which resulted in more than $ 246 million in losses.
Lummis’s statement occurred when the Senate Banking Committee is expected to be a member of the majority party, vote on a bill to establish clear rules for the regulation of digital assets and cryptocurrency companies in the United States. The Wyoming senator said she expected the bill to be signed by 2026.
The United States Representatives Chamber approved its version of the market structure, the clarity law, in July, but the final text did not seem to mention ATMs, with the possible exception of exchanges that develop “automated systems in accordance with industry standards.”
The last draft draft Senate, published by the republican leadership in September, similarly did not mention the automatic cryptography kiosks or ATMs.
Related: Limits and prohibitions of ATM crypto
Many in the cryptocurrency industry have been looking at Congress for updates on the structure of the market since the Chamber approved the clarity law in July. Last week, the members of the Congress met with several industry executives to discuss the next legislation, including the market structure bill and a bill that allows the United States government to retain up to 1 million BTC in a national cryptography reserve.
Lummis’s comments indicated that the version of the Senate of the market structure could still be fluid as of Monday. The Republicans of the Chamber have already voted to retroactively add a prohibition of digital currency of the Central Bank (CBDC) to the law of clarity, but it was not clear what the final text of the Senate’s bill would be at the time of publication.
Cointegraph contacted Lummis’s office to comment, but had not received an answer at the time of publication.
It is not the first federal law that proposes to address the fraud of ATMs
In February, Illinois Senator Dick Durbin presented the Crypto Atm fraud prevention law to address what he called an “alarming tendency for automatic ATMs crypto fraud” in the United States. The bill proposed to demand that ATM operators “warn consumers about scams and take reasonable measures to avoid fraud in their machines.”
The bill was sent to the Senate Banking Committee and did not advance by a floor vote.
https://www.youtube.com/watch?v=1ljpqxtupnc
The states and cities of the United States are also entering it
Without integral federal legislation to address the fraud of cryptographic automatic ATMs, many state and local governments of the United States have approved their own laws.
Cities such as Stillwater, Minnesota and Spokane, Washington, prohibited cryptographic kiosks and ATMs in response to an increase in fraud activities, while the city council in Grosse Pointe Phant, Michigan, preventively imposed a daily transaction limit of $ 1,000 in the cryptographic kiosks: the area did not have cryptography when the rule was approved.
As of August, 13 US state governments. UU. They have approved laws that restrict the activities of cryptographic automatic ATMs, ranging from the daily limits of transactions, reimbursements in case someone is disappointed and warnings are prominently shown in the kiosks themselves. Other provisions included registration with state authorities.
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