The senator behind the structure of the market says that Bill could address scams in Cryptographic ATM
Update (September 24 at 5.22 p.m. UTC): This article has been updated to include comments from Cynthia Lummis.
With the members of the US Senate Banks Committee who should vote on legislation to combat the structure of the digital asset market by the end of the month, one of the supporters of the bill suggested that the version of the Chamber could discuss fraud through automatic cryptocurrency counters.
In a Monday X post, Wyoming Senator Cynthia Lummis said that one of the questions she and the New York Kirsten Gillibrand senator “Hope to approach in the market structure” were cases of fraud involving Bitcoin (BTC).
It cited a report in which the Cheyenne police service “identified 50 cases of fraud” mainly affecting the elderly through crypto automatic counters, totaling “more than $ 645,000”.
To date, the federal government has not adopted a law to specifically approach the fraud of automatic ticket distributors and kiosks. The US Federal Office of the Survey said that it had received approximately 11,000 complaints from fraud in cryptographic kiosks in 2024, causing more than $ 246 million in losses.
The Lummis Declaration came while the Senatoric Banking Committee – where it is a member of the majority party – should 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 hoped that the bill will be signed by 2026.
The Chamber of Representatives of the United States adopted its version of the market structure, the Clarity Act, in July, but the final text did not seem to mention the automatic ticket distributors, with the possible exception of exchanges developing “automated systems in accordance with industry standards”.
The latest Senate bill bill, published by the Republican Directorate in September, has not mentioned cryptographic kiosks or automatic ticket distributors.
In relation: Crypto atm limits and prohibit scans: this is why
Many in the cryptocurrency industry are considering the congress of updates on the market structure since the Chamber adopted the Clarity Act in July. Last week, members of the Congress met several industry leaders to discuss future legislation, including the market structure bill and a bill allowing the US government to hold up to 1 million BTC in a national cryptography reserve.
The remarks of Lummis indicated that the version of the Senate of the structure of the market could still be fluid on Monday. The Republicans of the Chamber have already voted to retroactively add a ban on the digital currency of the Central Bank (CBDC) to the Clarity Act, but it was not clear what would be the final text of the Senate bill at the time of publication.
“Consumer protections are essential to build a solid digital economy,” Lummis told Cointelegraph. “I hope that the legislation on the structure of the bipartite market can rely on the safeguards that Senator Gillibrand and I have designed in our 2023 bill to punish bad players without limiting innovation. Preventing the mistreatment of the elderly and applying common sense rules to digital asset kiosks is an important area of development. ”
Not the first federal law to offer to address the cryptographic atm fraud
In February, the Senator of Illinois, Dick Durbin, presented the Crypto Atm Fraud Prevention Act to tackle what he called an “alarming trend of fraud in Atm Crypto” in the United States. The bill proposed to oblige ATM operators “to warn consumers of scams and take reasonable measures to prevent fraud in their machines”.
The bill was referred to the senatorial banking committee and has not advanced for a ground vote.
https://www.youtube.com/watch?v=1ljpqxtupnc
American states and cities are also there
Without complete federal legislation to combat cryptographic ATM fraud, many American local states and governments have adopted their own laws.
Cities like Stillwater, Minnesota and Spokane, Washington, have prohibited cryptographic kiosks and automatic ticket distributors in response to an increase in scam activities, while the Grosse Pointe Farms Municipal Council, Michigan, imposed in a preventive way a daily transaction limit of $ 1000 at cryptographic kiosks. The area did not have an automatic crypto counter when the rule was adopted.
In August, the 13 governments of the American states adopted laws restricting the activities of the cryptographic ATM, ranging from the daily limits of transaction, reimbursements in the event that someone is defrauded and well warnings in view of the kiosks themselves. Other provisions included registration with state authorities.
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