CHICAGO — U.S. Sen. Dick Durbin is calling for stronger federal oversight of cryptocurrency ATMs through an amendment to stablecoin legislation under consideration in the Senate. Speaking in Chicago, Durbin highlighted the rise in crypto ATM scams, particularly those targeting seniors, and promoted his Crypto ATM Fraud Prevention Act to increase transparency and consumer protections. The amendment, part of the GENIUS Act, would strengthen regulations on crypto ATM operators and help law enforcement prevent fraud. According to federal data, reported losses from these scams grew from $12 million in 2020 to $114 million in 2023, with seniors making up the majority of victims.
© Copyright Site Designed and Hosted by RiverBender.com