US lawmakers propose to strengthen regulation of cryptocurrency ATMs, set transaction limits, and demand anti fraud measures

According to Decrypt, Illinois Senator Dick Durbin has proposed the Cryptocurrency ATM Anti Fraud Act, aimed at curbing the increasingly serious problem of cryptocurrency ATM fraud. The bill proposes setting a daily transaction limit of $2000 and a transaction limit of $10000 within 14 days for new users, and requiring operators to directly contact and verify user transactions exceeding $500 to prevent fraud. In addition, the bill also stipulates that operators must provide full refunds to victims who report fraud within 30 days. Durbin emphasized that the bill is a "common sense safeguard measure" to prevent fraud and protect the property safety of the elderly population. According to data from the Federal Trade Commission (FTC) in the United States, fraud losses involving encrypted ATMs have exceeded $110 million in 2023, a nearly tenfold increase from 2020.