In Wisconsin, lawmakers have introduced a Senate bill aimed at reducing fraud associated with crypto ATMs, complementing a previously filed Assembly bill. Senator Kelda Roys and six Democratic colleagues presented Senate Bill 386, which aligns with Assembly Bill 384 introduced by Representative Ryan Spaude. Both bills require crypto ATM operators to obtain a money transmitting license and gather user information, including name, date of birth, and contact details. Operators must verify customer identities for each transaction and limit users to $1,000 in daily transactions. Additionally, the bills mandate visible warnings about potential fraud on the machines. Fees charged by operators will be capped at either a flat $5 or 3% of the transaction value. Customers must be reimbursed for fraudulent transactions confirmed by law enforcement within 30 days. The U.S. Treasury's FinCEN has highlighted the risks of fraud and cybercrime linked to crypto ATMs, prompting regulatory scrutiny worldwide, including bans in New Zealand and crackdowns in the UK. Read more AI-generated news on: https://app.chaingpt.org/news