365Crypto
Senate Eyes Crypto ATM Risks
Senators are debating how to regulate digital assets. Wyoming’s Cynthia Lummis says the market structure bill might target scams at Bitcoin ATMs.
$645K Lost in Wyoming Alone
Police in Cheyenne reported 50 fraud cases tied to crypto ATMs. Most victims were seniors. Losses topped $645,000. Fraudsters trick people into sending Bitcoin to fake accounts.
Bitcoin ATM: a machine that lets users buy or sell Bitcoin with cash.
Fraud Complaints Nationwide
The FBI logged 11,000 fraud reports at crypto kiosks in 2024. Reported losses passed $246 million. There’s no federal law yet focused on these machines.
Senate and House Bills Diverge
The House passed its CLARITY Act in July. It skipped ATM rules. The Senate draft, written in September, also avoids direct mentions of kiosks. Lummis, though, wants to keep the option open.
States Act on Their Own
In the absence of federal action, 13 states set limits. Some capped daily transactions, others required refunds if scams happen. Cities like Stillwater and Spokane went further and banned ATMs outright.
