🤑 Crypto ATM Scams: Will Senators Save Grandma’s Fortune? 🕵️‍♂️

Ah, the marvelous world of crypto, where grandmas and grandpas are not just knitting scarves but also losing their life savings faster than you can say “Bitcoin”! 🧶💸 With the US Senate Banking Committee gearing up to vote on a bill that’s supposed to tidy up the digital asset market, one plucky senator has her eyes on those pesky crypto ATMs that seem to have a taste for pension funds. 🕵️‍♀️

In a Monday X post (yes, X, because why not?), Wyoming’s very own Senator Cynthia Lummis, along with her partner in crime, New York’s Kirsten Gillibrand, declared they’re on a mission to tackle the “scam-o-rama” happening at Bitcoin ATMs. 🦸‍♀️💥 Lummis pointed to a report where the Cheyenne police department uncovered 50 instances of fraud-mostly targeting seniors-totaling a whopping $645,000. Grandma’s cookie jar money, gone! 🍪🚫

Now, you’d think the federal government would’ve already done something about this, right? Wrong! 🤦‍♂️ The FBI reported 11,000 complaints of crypto kiosk fraud in 2024, with losses topping $246 million. That’s enough to buy a small island-or at least a really fancy yacht. 🚤💰

Lummis, ever the optimist, hopes this bill will be signed into law by 2026. Because, you know, what’s a couple more years of scams between friends? 🤷‍♀️ Meanwhile, the House passed its version, the CLARITY Act, in July, but it’s about as clear as mud when it comes to ATMs. 🌫️ The Senate’s draft? Equally vague. But hey, at least they’re trying, right? 🙃

Crypto execs have been buzzing around Congress like bees to honey, hoping for some sweet regulation. 🍯 Last week, they even discussed a bill allowing the US government to hold 1 million BTC in a national crypto reserve. Because why not add more fuel to the fire? 🔥

But wait, there’s more! House Republicans decided to throw a CBDC ban into the mix, just for fun. 🎉 As for Lummis’s version, it’s still as fluid as a bowl of jelly. 🍮 CryptoMoon tried to get a comment from her office, but crickets so far. 🦗

Not the First Rodeo for Crypto ATM Fraud

Back in February, Illinois Senator Dick Durbin introduced the Crypto ATM Fraud Prevention Act, calling out the “alarming trend” of scams. His solution? Make ATM operators warn folks and actually try to prevent fraud. Revolutionary, I know. 🚨 But guess what? The bill didn’t even make it to the dance floor. 💃

States Are Taking Matters into Their Own Hands

With federal action moving slower than a snail on a Sunday, states like Minnesota and Washington have banned crypto kiosks outright. 🛑 Others, like Michigan, slapped a $1,000 daily limit on transactions. Because if you’re going to get scammed, at least make it a small scam. 🤏

As of August, 13 states have passed laws to rein in these wild ATMs, with rules ranging from refunds to warnings plastered all over the machines. 📜 But will it be enough to save Grandma’s fortune? Only time-and the Senate-will tell. ⏳🤞

2025-09-23 23:35

Not the First Rodeo for Crypto ATM Fraud

States Are Taking Matters into Their Own Hands

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