U.S. lawmakers propose to strengthen cryptocurrency ATM regulation, set transaction limits, and require anti-fraud measures

According to ChainCatcher news reported by Decrypt, U.S. Senator Dick Durbin from Illinois has proposed the "Cryptocurrency ATM Anti-Fraud Act," aimed at curbing the growing problem of cryptocurrency ATM scams. The bill proposes to set a daily transaction limit of $2,000 and a $10,000 limit within 14 days for new users, and requires operators to directly contact and verify users when transactions exceed $500 to prevent fraud. Additionally, the bill stipulates that operators must provide full refunds to victims of fraud reported within 30 days.

Durbin emphasized that the bill is a "common-sense safeguard" to prevent scams and protect the financial security of the elderly. According to data from the Federal Trade Commission (FTC), losses from scams involving cryptocurrency ATMs have exceeded $110 million in 2023, nearly a tenfold increase compared to 2020.