Governor Jim Pillen signed a new law in Nebraska to combat fraud linked to crypto ATMs and kiosks.
Tougher Regulations
The bill, proposed by Senator Eliot Bostar, requires crypto ATM operators to be licensed under Nebraska’s Money Transmitters Act and introduces transaction limits and fee caps.
The legislation caps daily transaction limits to curb large-scale fraudulent transactions.
Crypto ATM Fraud Soars
According to the Federal Trade Commission, victims lost over $65 million to crypto ATM scams in the first half of 2024.
Trends in National Policy
Nebraska follows a national trend of increasing scrutiny on crypto ATMs. Earlier this month, over 1,200 ATMs were removed across the U.S. following similar regulation proposals.
The legislative changes in Nebraska aim to create a safer environment for digital asset users. However, the state has yet to decide on establishing crypto reserves.
