Wisconsin senators file companion bill aiming to curb crypto ATM scams
Main Idea
Wisconsin lawmakers have introduced a bill to regulate crypto ATMs to curb scams, including transaction limits and mandatory warnings, as part of a broader global crackdown on such machines due to their association with illicit activities.
Key Points
1. Wisconsin Senators introduced Senate Bill 386 as companion legislation to Assembly Bill 384, aiming to reduce fraud via crypto ATMs.
2. The bill requires crypto ATM operators to cap daily transactions at $1,000 and display warnings about potential scams prominently on machines.
3. Operators must fully reimburse customers for fraudulent transactions within 30 days.
4. FinCEN has warned about the increasing use of crypto ATMs for illicit activities, including scams and money laundering.
5. Globally, regulators in New Zealand and the UK have taken action against crypto ATMs, with New Zealand banning them outright and the UK seizing machines and making arrests.
Description
Senators in the state of Wisconsin have filed an identical bill to accompany earlier legislation filed in the state’s lower house that aims to closely regulate crypto ATMs.
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