Senator Lummis Advocates for Enhanced Bitcoin ATM Security Amidst Growing Scam Concerns
U.S. Senator Cynthia Lummis is proposing stronger safeguards for cryptocurrency ATMs, aiming to combat increasing fraud. Recent data shows a 31% surge in victim losses to nearly $247 million in 2024, with individuals over 60 disproportionately affected.
Industry leaders, like Paul Tarantino of Byte Federal, support preventative measures but caution against regulations that could hinder legitimate users. Tarantino emphasizes that scams stem from malicious actors, not the technology itself, and advocates for collaborative development of best practices.