Nebraska has officially become one of the pioneering states in the US in regulating Bitcoin ATMs to protect users from scams. This comes after Governor Jim Pillen signed Bill LB609 last Wednesday, placing Nebraska among the states open to cryptocurrency while still maintaining strict oversight principles.
Protecting users against fraud risks
Bill LB609, also known as the Controllable Electronic Record Fraud Prevention Act, introduces a series of regulations to warn and prevent fraudulent activities related to Bitcoin ATMs and other cryptocurrency kiosks.
Accordingly, Bitcoin ATM operators in Nebraska must:
✅ Publicly disclose all terms of use.
✅ Clearly warn about signs of fraudulent behavior.
✅ Provide a 100% refund for customers who are scammed if reported within 90 days of the incident.
This is an important step in protecting cryptocurrency users in Nebraska from increasingly sophisticated scams.
Nebraska opens up to cryptocurrency
Speaking about the bill, Governor Jim Pillen affirmed:
“Cryptocurrency is an important and growing industry. We have been and are working to make Nebraska a leading crypto hub.”
He emphasized that establishing these "protective barriers" is not to hinder the industry's development, but to ensure that legally operating organizations are welcomed, while scammers will be closely monitored.
Nebraska Bank Director, Kelly Lammers, also stated:
"Nebraska is fully open to legitimate businesses in the crypto space. But those who exploit Bitcoin ATMs to scam, we will have a more thorough monitoring team in the near future."
Bitcoin ATM: A double-edged sword
Currently, ATMs #ATMBitcoin are widely popular across the US. According to data from Coin ATM Radar, there are nearly 30,000 functioning cryptocurrency ATMs nationwide.
However, along with this strong development, scams related to Bitcoin ATMs have also significantly increased. According to the Federal Trade Commission (FTC), over $110 million has been stolen from consumers through these machines just in 2023.
Nebraska is not the only state tightening regulation on Bitcoin ATMs. Illinois State Senator, Dick Durbin, has also proposed similar legislation in February this year. This shows a general trend in the US of supporting crypto development while still managing risks.
Does Nebraska have plans to reserve Bitcoin?
Although the state #Nebraska has taken positive steps with cryptocurrency, there are currently no plans to establish a reserve for Bitcoin or other cryptocurrencies like some other states.
Meanwhile, President Donald Trump signed an executive order last week, directing the establishment of a national Bitcoin reserve fund and a separate digital asset vault. If this plan is implemented, the US could be the first country to build a strategic Bitcoin reserve fund.
Conclusion: Nebraska's significant progress in the crypto industry
Nebraska's passage of Bill LB609 demonstrates the state's commitment to becoming a crypto hub while ensuring safety for users against potential risks.
🔹 Nebraska does not ban Bitcoin or cryptocurrency – on the contrary, the state is creating a more transparent environment to attract legitimate businesses.
🔹 Scammers will no longer have "ground" with the 100% refund regulation for victims of fraud at Bitcoin ATMs.
🔹 Nebraska does not yet have plans to reserve Bitcoin, but if the President's decree$TRUMP on the national Bitcoin fund is successful, Nebraska may soon consider participating.
Will this model become the standard for Bitcoin ATM regulation in the US? Let’s see how other states will react to Nebraska's bold move! 🚀 #anhbacong