Illinois Democratic Senator Dick Durbin announced that his new bill aims to stop fraud related to crypto ATMs.
According to the Federal Trade Commission, Americans lost $66,000,000 in crypto ATM frauds during the first half 2024.
Durbin’s proposed legislation will require operators of crypto ATMs to inform consumers about scams, take measures to stop fraud and limit losses if people are scammed.
Illinois legislator explains his position
There are more than 30,000 crypto ATMs across the country. Criminals are using them to rob Americans of their hard earned savings, amounting to $114,000,000 in 2023. The majority of victims are seniors. We need to put in place some guardrails that are common sense in order to prevent fraud and exploitation in an industry which is largely unregulated .”
Durbin said that the FBI’s Internet Crime Complaint Center had received more crypto ATM fraud reports from people aged 60 or older than any other demographic in 2023.
This bill also grants law enforcement new tools to help them track down fraudsters of crypto ATMs.
Durbin’s possible legislation is becoming a reality as domestic crypto ATMs are decreasing. According to Coin ATM Radar, the US lost 1,228 ATMs in February.
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This article Crypto ATMs are disappearing from the US as Democrat Senator Dick Durbin introduces legislation to regulate technology appeared first on The ICD.
