Nebraska Governor Signs Law to Combat Crypto ATM Fraud Amid Rising Losses

On March 12, Nebraska Governor Jim Pillen signed the "Controllable Electronic Record Fraud Prevention Act" to combat rising cryptocurrency ATM fraud. The legislation, introduced on January 22 by Senator Eliot Bostar, aims to protect users of crypto kiosks and ATMs, following a report from the Federal Trade Commission that victims lost over $65 million to crypto ATM fraud in the first half of 2024. The Act requires crypto ATM operators to be licensed, registered, and provide quarterly reports. It also sets transaction limits of $2,000 per day for new users and $5,000 for existing customers, with fees capped at 18%. New customers reporting fraud within 90 days are eligible for a full refund, including fees. This move comes as the US crypto ATM network recently shrunk by over 1,200 machines after similar legislation was proposed in Illinois.