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The Illinois Senator proposes a bill to regulate cryptocurrency ATMs nationwide

The Illinois Senator proposes a bill to regulate cryptocurrency ATMs nationwide

Bitget2025/02/26 06:22

Cryptocurrency ATMs were once touted as a convenient tool for enthusiasts, but are now being exploited by scammers, causing victims (many of whom are elderly) to suffer significant financial losses. In response, Illinois Senator Dick Durbin has proposed the Crypto ATM Fraud Prevention Act in an attempt to curb the wave of fraud associated with these machines through new regulations.

The legislation announced on Tuesday will impose strict transaction limits on cryptocurrency ATMs and require companies to provide full refunds to victims who report fraudulent activity within 30 days after the transaction. "These measures are common-sense lines of defense that will prevent countless Americans, especially seniors, from losing thousands of dollars in hard-earned money due to criminal scams," Durbin urged his colleagues in the Senate to pass this bill into law.

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