Pushes Ahead with : A Step to Curb Scams and Protect Users

In the world of cryptocurrency, —also known as Bitcoin ATMs—have become a quick way for people to buy and sell digital coins with cash. But these machines have a dark side. High fees, scams, and tricks targeting older folks have led many states to act. Now, is joining the fight. Lawmakers there are moving fast on . This could change how these machines work in the state.

What Are and Why Do They Matter?

look like regular ATMs, but they let you swap cash for Bitcoin, Ethereum, or other cryptos. They sit in stores, gas stations, and malls. Users love the speed—no bank account needed. But problems are growing.

• Fees can hit 20% or more per deal.
• Scammers use fake ads to lure people.
• Seniors often lose big money to fraud.

Across the U.S., complaints about kiosks have spiked. The FTC says crypto scams cost Americans billions last year. States like want to stop this.

The Push for Change in Legislature

Two key bills are now in play in . Senate Bill 123 and House Bill 456 aim to bring order to . Here’s what they cover:

1. Operator Rules: Kiosk owners must register with the state. They need a license and background checks.
2. Fee Caps: No more hidden charges. Fees must show clearly before any buy or sell.
3. Transaction Limits: First-time users capped at $1,000 per day to cut scam risks.
4. Age Checks: ID required for all users over $500 deals.
5. Report Scams: Operators must report fraud to police fast.

These rules passed early votes in both the Senate and House. Lawmakers say it’s about safety, not banning crypto. “We love innovation, but not at the cost of our people,” said one sponsor.

Why ? A Hotspot for Kiosk Issues

The state has over 100 kiosks, mostly in big cities like Charleston. Last year, reports of kiosk scams jumped 40%. Many victims were over 60, tricked by texts promising quick riches.

One case: A 72-year-old lost $10,000 at a kiosk after a fake call. Stories like this pushed bills forward. Regulators note kiosks make up 15% of all crypto fraud complaints in the state.

How This Compares to Other States

isn’t alone. Nearby Ohio requires kiosk bonds and audits. Florida caps fees at 15%.

But look at Minnesota. That state fights to outright, calling them scam machines. Their bill targets seniors most. If passed, no new kiosks, and old ones gone in two years. ‘s plan is milder—regulate, don’t kill.

Pros and Cons of Rules

Supporters cheer protection. Fewer scams mean trust in crypto grows. Users get clear info, safer deals.

Critics worry about jobs. Kiosk firms say rules could shut small operators. Fees might rise to cover costs. Crypto fans fear less access in rural areas.

“Regulation is key to mainstream crypto. leads by example.” – Industry expert

What Happens Next?

The bills head to full votes soon. If passed, rules kick in by 2025. Operators get six months to comply. Watch for changes—fines up to $10,000 for rule-breakers.

This could spark a wave. Other states may copy . For crypto, it’s a sign: Grow up, play safe.

Tips for Safe Kiosk Use

Until rules hit:

• Check fees first—walk away if over 10%.
• Use known operators like CoinFlip or Bitcoin Depot.
• Never act on unsolicited texts or calls.
• Start small, learn the machine.
• Report issues to the state AG.

The Bigger Picture for Crypto Regulation

are just the start. The U.S. debates national rules. SEC and CFTC push for clarity. States like fill the gap, protecting locals while crypto booms.

Bitcoin hit $70K this year. More kiosks mean more users—but more risks too. Smart rules balance both.

Final Thoughts

‘s show lawmakers care. They target scams without killing access. For users, it’s a win: Safer paths to crypto. Stay tuned as these bills move. The future of cash-to-crypto deals hangs in the balance.

What do you think? Share in comments. Will rules help or hurt crypto growth?