Illinois Senator Introduces Bill to Regulate Crypto ATMs Nationwide

Cryptocurrency ATMs were once touted as a convenient tool for enthusiasts, but are now being used by scammers, causing victims (many of whom are elderly) to suffer huge economic losses. In response, Illinois Senator Dick Durbin has introduced the "Crypto ATM Fraud Prevention Act," attempting to curb the wave of fraud associated with these machines by implementing new regulations.

The legislation announced on Tuesday will impose strict transaction limits on cryptocurrency ATMs and require companies to provide full refunds to victims of fraud reported within 30 days of the transaction. "These measures are common-sense guardrails that will prevent countless Americans, especially the elderly, from losing thousands of hard-earned dollars to criminal scams," Dublin urged his colleagues in the Senate to pass the bill and make it law.