Senator Proposes Limits on Crypto ATM Transactions to Combat Scams

Illinois Senator Dick Durbin has introduced legislation aiming to reduce fraud associated with cryptocurrency ATMs. The Crypto ATM Fraud Prevention Act would impose transaction limits and require enhanced consumer protections, particularly for vulnerable populations like seniors. 🎧 According to NBC News, the bill would cap new user transactions at $2,000 daily and $10,000 over a 14-day period. It also mandates that ATM operators communicate directly with first-time users attempting transactions exceeding $500, offering refunds for victims who report fraud within 30 days. 💪