Lawmakers in Wisconsin have introduced Senate Bill 386 as companion legislation to Assembly Bill 384, aimed at combating fraud via crypto ATMs. The bills require crypto ATM operators to obtain a money transmitting license and collect user information such as name, date of birth, and email. Operators must verify customer identity with a government-issued document and take a photo for each transaction, capping transactions at $1,000 per day. Additionally, they must place warnings about potential fraud on the machines and limit transaction fees to a flat $5 or 3% of the transaction value, whichever is higher. Operators will be obligated to reimburse customers for fraudulent transactions confirmed by law enforcement within 30 days. This legislative move follows heightened awareness of scams involving crypto ATMs and aims to protect vulnerable populations, particularly the elderly, against exploitation.

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