Wisconsin lawmakers have introduced Senate Bill 386 to address fraud involving crypto ATMs, complementing an earlier Assembly Bill 384. Senator Kelda Roys and six Democratic representatives proposed these identical bills to eliminate fraud risks associated with crypto ATMs, which include requiring operators to obtain a money transmitting license. Operators must collect personal information from users, including identity verification through government-issued documents and a photograph for every transaction. The bills aim to limit transactions to $1,000 per day and mandate clear warnings about fraud risks displayed on the machines. Additionally, operators would be capped on transaction fees – either a flat $5 fee or 3% of the transaction value, whichever is higher. If customers fall victim to fraud, operators must reimburse them if confirmed by law enforcement within 30 days. The bills reflect growing concerns from regulatory bodies such as FinCEN about the increasing use of crypto ATMs in scams, particularly targeting vulnerable populations like the elderly.

Source đź”—