U.S. Senator Cynthia Lummis has called for stronger regulations on cryptocurrency ATMs, citing a rise in scams targeting seniors. Lummis intends to address the issues related to fraudulent activities in upcoming legislation she is co-sponsoring with Senator Kirsten Gillibrand. She highlighted the significant increase in fraud incidents, with the Financial Crimes Enforcement Network reporting a 31% spike in losses, totaling nearly $247 million in 2024, while complaints about crypto kiosks nearly doubled to over 10,956. State-level actions are also being taken, exemplified by a lawsuit against Athena Bitcoin for allegedly profiting from scams. Despite the industry concerns, some operators, like Paul Tarantino of Byte Federal, argue for smart regulation instead of strict limits, emphasizing the importance of protecting consumers while maintaining access to legitimate services. Tarantino suggested collaboration on best practices for preventing fraud without harming the industry.

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