With more than 30,000 crypto ATMs operating nationwide in locations such as gas stations, convenience stores, and shopping centers, scammers are increasingly using them to facilitate fraudulent transactions, which U.S. Rep. María Elvira Salazar (R-FL) wants to stop, particularly for America’s senior citizens.
“In south Florida, I have seen firsthand the devastating impact financial scams can have on seniors and their families. America’s seniors spent a lifetime working, saving, and planning for retirement,” Rep. Salazar said. “They should not have to worry about criminals using new technologies to steal what they worked so hard to build.”
The congresswoman on June 11 cosponsored the bipartisan Stop Crypto ATM Scams Act, H.R. 9268, alongside bill sponsor U.S. Rep. Sean Casten (D-IL) to improve consumer protections, combat fraud, and to help hold criminals accountable for using cryptocurrency ATMs to target seniors and other vulnerable Americans.
“The Stop Crypto ATM Scams Act will strengthen safeguards against fraud, give law enforcement the tools they need to fight back, and provide consumers with clearer warnings and stronger protections before they become victims,” said Rep. Salazar. “We have a responsibility to protect our seniors and hold those who prey on them accountable.”
Specifically, H.R. 9268 would require crypto ATM operators to implement written anti-money laundering programs, conduct customer due diligence, report suspicious activity, and maintain updated records of kiosk locations, according to a bill summary provided by the lawmakers.
H.R. 9268 also would limit new customers to $2,000 in daily transactions and $10,000 in total deposits during their first 14 days of use, while limiting existing customers to $7,500 in daily transactions.
Among several other provisions, the bill also would establish a federal standard for transaction limits while preserving states’ ability to adopt additional consumer protections and safeguards against financial fraud, the summary says.
“Crypto ATMs offer criminals a quick and easy way to prey on seniors and steal their hard-earned money,” Rep. Casten said. “Congress can address these abuses by requiring enhanced consumer protections, mandating clear scam warnings and robust disclosures, and applying the same anti-money laundering rules and fraud prevention measures that other crypto firms, banks, and credit unions must comply with.”
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