Sen. Cynthia Lummis (R-Wyo.) voiced her long-standing concerns over fraudulent activities in the cryptocurrency kiosk space on Monday.
Lummis Wants The Issue Addressed In Crypto Bill
In an X post, Lummis responded to a report about the surge in scams involving Bitcoin (CRYPTO: BTC) ATMs in Wyoming, the state she represents in the Senate.
“This is something that has concerned me for a long time,” Lummis said, highlighting the legislation she and Sen. Kirsten Gillibrand (D-NY) introduced in 2023 to stop bad actors in the cryptocurrency kiosk space.
The Responsible Financial Innovation Act of 2023 specified that operators of digital asset kiosks and ATMs must maintain accurate addresses with the Financial Crimes Enforcement Network. The bill ultimately died.
Lummis said she hoped to address the issue in the cryptocurrency market structure bill.
The Risks With Crypto ATMs
Lummis’ concerns arise as the police department in Wyoming’s capital city, Cheyenne, identified 50 instances of fraud, amounting to over $645,000 in unrecovered cash, according to Cowboy State Daily. The fraud has reportedly been devastating for the retirement accounts of vulnerable senior citizens.
This nature of fraud in the cryptocurrency space is not new. The Federal Trade Commission’s 2024 Consumer Advice report detailed how scammers have been stealing money from unsuspecting people via Bitcoin ATMs and ways to protect themselves.
A Bitcoin ATM is a kiosk that allows users to exchange cash for Bitcoin or other cryptocurrencies, or sell cryptocurrency for cash, using a digital wallet. Unlike traditional ATMs, they bypass banks.
Shares of Bitcoin Depot Inc. (NASDAQ:BTM), one of the world’s largest operators of cryptocurrency ATMs, rose 1.93% in after-hours trading after closing down 0.82% at $3.630, according to data from Benzinga Pro.
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