Wisconsin Lawmakers Push New Rules to Tackle Crypto ATM Fraud

According to Cointelegraph, lawmakers in Wisconsin want to introduce new rules to stop fraud involving cryptocurrency ATMs. Senator Kelda Roys and six other Democratic senators have put forward Senate Bill 386, which matches Assembly Bill 384 introduced on July 31 by Representative Ryan Spaude.

These bills would require crypto ATM owners to:

Get a money transmitter license

Collect detailed information from users (name, date of birth, phone number, address, and email)

Check a government-issued ID (passport, driver’s license, etc.)

Take a photo of the customer

Verify the customer’s identity for every transaction

Limit transactions to $1,000 per day

Show clear fraud warnings on the machines

The rules would also limit transaction fees to $5 or 3% of the transaction (whichever is higher). If law enforcement confirms a fraudulent transaction, the ATM operator must pay the customer back within 30 days