North Dakota Senate Just Made a Bold Move in the World of Cryptocurrency

The North Dakota Senate just made a bold move in the world of cryptocurrency. On March 18, lawmakers overwhelmingly passed House Bill 1447 in a staggering 45-to-1 vote, setting the stage for stricter regulations on crypto ATMs across the state. But is this a necessary safeguard, or just another hurdle for the crypto industry?

The North Dakota Senate has overwhelmingly passed a bill that would impose stricter regulations on cryptocurrency ATMs in the state, setting the stage for a decisive vote on the measure.

* What happened: Lawmakers passed House Bill 1447 in a staggering 45-to-1 vote on Friday, streamlining the bill's provisions and setting the stage for its final approval. The bill, which was initially introduced in January, aims to curb the rising tide of crypto scams.

* Key provisions: The legislation will impose a $2,000 daily transaction limit on all cryptocurrency ATMs and require operators to obtain money transmitter licenses. It will also mandate that these kiosks display fraud warnings, use blockchain analytics to flag suspicious activity, and submit quarterly reports on their operations.

* Why it matters: North Dakota lawmakers argue that this bill is crucial in the fight against crypto-related fraud. In 2023 alone, residents reported 103 crypto scam complaints to the FBI, which resulted in financial losses of $6.5 million.

* What's new: The bill has faced some adjustments during its legislative journey. Initially, the proposal set the daily cap at $1,000 and applied it to the first five transactions within 30 days. However, lawmakers later increased the limit to $2,000.

* Where it stands: After the Senate's latest revisions, the final rule stands at a simple $2,000 per day limit, which will be easier to enforce. The bill must now return to the House for approval of the Senate's amendments. If it clears that hurdle, the final decision will rest with Governor Kelly Armstrong.

* What's next: With such a lopsided vote in the Senate and the urgent need to combat crypto scams, the bill's passage seems almost inevitable. This could be a turning point for crypto users in North Dakota, who will soon have to navigate the new regulations and their impact on the digital asset industry in the state.