Congress Targets Crypto ATM Scams with Bipartisan Bill

A bipartisan bill introduced in Congress aims to curb crypto ATM fraud after Americans lost over $333 million in scams. The Stop Crypto ATM Scams Act, sponsored by Representatives María Elvira Salazar (R-FL) and Sean Casten (D-IL), would set transaction limits, require scam warnings, and mandate record-keeping for operators.

The proposed legislation comes after FBI data showed reported losses rose 33 percent from the previous year. Older Americans accounted for most of the financial damage, with people aged 60 and older making up over 85% of losses where age was known.

Under the bill, crypto ATM operators would be required to implement anti-money laundering programs, conduct customer due diligence, and report suspicious activity. They would also need to provide scam warnings, fraud alerts, and consumer disclosures before transactions are completed.

The proposal would establish federal transaction standards while allowing states to adopt additional fraud safeguards and consumer protections. With over 30,000 crypto ATMs operating across the US, lawmakers hope to protect seniors from one of the fastest-growing forms of financial fraud.