Senator Cynthia Lummis has indicated that the Senate's market structure bill could tackle risks associated with cryptocurrency ATMs, particularly following reports of fraud in Wyoming. Lummis noted that the Cheyenne police have identified 50 fraud cases involving elderly individuals, amounting to over $645,000. The proposed legislation aims to create clear regulations for digital assets, addressing a growing concern as the FBI recorded approximately 11,000 fraud complaints linked to crypto kiosks, leading to more than $246 million in losses in 2024. While the House's CLARITY Act passed in July without explicit provisions for ATMs, it remains unclear how the Senate bill will treat these machines. Lummis hopes the bill will be signed into law by 2026. Previous efforts, like Senator Dick Durbin's February bill, sought to mandate warnings at ATM locations but did not progress. As federal regulations lag, several states have enacted local laws to combat these scams, including transaction limits and mandatory consumer warnings.

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