US senator says market structure bill could address crypto ATM scams

Responding to a report about crypto ATM fraud in Wyoming, Senator Cynthia Lummis said the chamber’s market structure bill could address specific risks.

With members of the US Senate Banking Committee expected to vote on legislation to address digital asset market structure by the end of the month, one of the bill’s proponents has suggested that the chamber’s version could address fraud through cryptocurrency ATMs. 

In a Monday X post, Wyoming Senator Cynthia Lummis said one of the issues she and New York Senator Kirsten Gillibrand “hope to address in market structure” was instances of fraud involving Bitcoin (BTC) ATMs.

She cited a report in which the Cheyenne police department “identified 50 instances of fraud” predominantly affecting seniors through crypto ATMs, totaling “more than $645,000.”

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