Source: Cointelegraph Original: "{title}"

Nebraska Governor Jim Pillen has signed legislation aimed at preventing cryptocurrency fraud, citing a surge in crypto ATM crimes in the United States.

Governor Pillen stated after signing the bill on March 12, "Cryptocurrency is an important emerging industry, and we have been working to make Nebraska a leader in cryptocurrency."

"An important part of these efforts is ensuring we have adequate safeguards to prevent criminals from exploiting the vulnerabilities of Nebraska residents," he added.

This bipartisan legislation establishes the Controllable Electronic Record Fraud Prevention Act, designed to help combat fraud and protect users of crypto kiosks and ATMs.

Source: Jim Pillen

According to data from the Federal Trade Commission (FTC), victims lost over $65 million to crypto ATM scams in the first half of 2024. The commission noted in a report in September, "Fraud losses from Bitcoin ATMs have skyrocketed, increasing nearly tenfold from 2020 to 2023."

The bill, named LB609, was introduced by Senator Eliot Bostar on January 22. The legislation requires crypto ATM and kiosk operators to be licensed under Nebraska's Money Transmitters Act and to be registered and approved by the banking and financial department. Operators must provide quarterly reports on kiosk locations, names, and transaction data.

The bill also implements transaction limits: new users have a daily transaction limit of $2,000, while existing customers have a limit of $5,000, and fees for each transaction cannot exceed 18% of the transaction amount.

New customers who report fraud within 90 days can receive a full refund, including fees, while existing customers can receive refunds for fees related to fraudulent transactions.

The bill also requires kiosk operators to display fraud warnings and designate compliance officers to enforce fraud prevention measures.

The U.S. crypto ATM network has reduced over 1,200 machines earlier this month, following similar legislation proposed by Illinois Senator Dick Durbin.

Kelly Lammers, director of the Nebraska Department of Banking, commented, "Nebraska welcomes the business of the cryptocurrency industry." She added, "For those targeting our citizens using crypto ATMs as a means of transfer, we will soon have a team closely monitoring."

Despite Nebraska's support for cryptocurrency, data from the Bitcoin Reserve Monitor indicates that the state has not joined the 21 U.S. states proposing to establish strategic crypto reserves.

Related: Poland surpasses El Salvador in the number of Bitcoin ATMs globally.

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