Michigan town puts pre-emptive curbs on crypto ATMs

Key Points

1. Grosse Pointe Farms has no crypto ATMs but has preemptively regulated them, requiring registration with the Department of Public Safety and imposing transaction limits.

2. The regulations include a $1,000 daily transaction cap and a $5,000 aggregate limit over 14 days to prevent scams.

3. The decision was influenced by reports of a local resident being scammed at a crypto ATM in St. Clair Shores and statewide warnings from Michigan Attorney General Dana Nessel.

4. Councilmember Lev Wood stated the rules aim to provide 'a little bit of help' to residents by addressing the 'untransparent situation' around crypto ATMs.

5. Carson Gat, a representative from digital currency firm Coinflip, shared experiences of preventing scams, highlighting the need for such regulations.