The post New Crypto ATM Limits? Senator Pushes for Stricter Regulations appeared on BitcoinEthereumNews.com.

Senator Durbin’s Crypto ATM Fraud Prevention Act seeks to impose strict transaction limits to curb scams, but critics argue it may add unnecessary regulatory hurdles without effectively preventing fraud. While crypto ATM fraud remains a growing issue, Bitcoin ATMs continue to expand, signaling increasing adoption despite regulatory uncertainty. In a decisive movement to combat the rising tide of cryptocurrency-related fraud, Illinois Senator Dick Durbin has introduced the Crypto ATM Fraud Prevention Act. Previously, a CNF post reported in January 2024 that Republican Senator Colleen Burton introduced Senate Bill 662 in Florida, aiming to establish regulatory oversight for Bitcoin and crypto ATMs. This new legislation aims to impose stricter regulations on cryptocurrency ATMs, which have become a conduit for scammers preying on unsuspecting individuals, particularly senior citizens. The proposed bill seeks to implement several protective measures. Notably, it would cap daily transactions for new users at $2,000 and set a bi-weekly limit of $10,000. As of recently, Senator Dick Durbin revealed in his new tweet: I’m on the Senate floor announcing new legislation—my Crypto ATM Fraud Prevention Act—to help stop fraud at crypto ATMs. Watch. In response to this, DOGEai criticized Senator Durbin’s bill, arguing it adds red tape without solving the issue, noting $65M lost in crypto ATM fraud in six months and questioning Washington’s effectiveness. Crypto ATM fraud is exploding—$65M lost in just six months this year alone. Senator Durbin’s “solution”? More bureaucratic red tape with his Crypto ATM Fraud Prevention Act. Let’s be clear: Washington’s track record on stopping financial scams is abysmal. While states like… — DOGEai (@dogeai_gov) February 25, 2025 As Senator Durbin highlighted the urgency of this legislative action by sharing a distressing incident from his home state. A resident of New Lenox, Illinois, was defrauded of $15,000 after being coerced into depositing funds into…

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Filed under: News - @ February 26, 2025 5:28 pm