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Illinois Senator Dick Durbin has introduced the Crypto ATM Fraud Prevention Act, aiming to impose new regulations on crypto-currency point-of-sale machines to combat fraud. The legislation, co-sponsored by Senator Robert Menendez, would place strict transaction limits on new users and offer full refunds to victims who report fraud within 30 days. Further, it would mandate that companies provide a portion of their crypto ATM revenue to a government fund for fraud prevention efforts.

The Act follows a report by the Senate Banking Committee, chaired by Durbin, highlighting the rapid rise in crypto ATM fraud. The report revealed that in 2022 alone, over 70,000 reports of crypto ATM fraud were filed with the Federal Trade Commission, resulting in an estimated $143 million in consumer losses.

The report also highlighted the lack of federal protections for crypto ATM users, who often face difficulties in recovering their funds after being defrauded. It highlighted that while banks typically offer full refunds for unauthorized transactions within 60 days, crypto firms usually only provide a 30-day window for reporting fraud.

The Crypto ATM Fraud Prevention Act seeks to address these issues by placing transaction limits on new users and offering a 30-day window for reporting fraud and receiving full refunds. The legislation would also prohibit new users from spending more than $2,000 daily or $10,000 within 14 days.

The Act would further mandate that crypto firms provide a portion of their revenue from crypto ATM transactions to a government fund to be used in support of national cybersecurity and fraud prevention efforts.

Durbin highlighted the urgency of the Act in safeguarding consumers from the surging crypto fraud. He noted that while banks usually offer full refunds for unauthorized transactions within 60 days, the legislation would provide a 30-day window for reporting fraud and receiving full refunds.

Durbin's remarks come amid growing interest in cryptocurrency in the US, particularly in Illinois. Earlier this year, the Illinois House of Representatives passed a bill that would allow state employees to be paid in Bitcoin. The bill, sponsored by Republican Rep. Tom Weber, passed the House 67-0 and now moves to the Senate.

The bill would permit state employees to choose to receive all or part of their paychecks in Bitcoin, at the prevailing market rate at the time of payment. It would also require the state to pay any applicable taxes on the cryptocurrency.

Weber highlighted the potential for employees to benefit from any appreciation in the value of Bitcoin over time. He explained that if an employee elects to receive part or all of their pay in Bitcoin and later wishes to convert it to U.S. dollars, they would be able to do so at the prevailing market rate at the time of conversion.

If approved by the Senate and governor, Illinois would join a small number of states that allow employees to be paid in cryptocurrency. Wyoming passed a law in 2023 that permits state employees to choose to receive their paychecks in Bitcoin.

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