{"id":9246,"date":"2025-01-23T09:35:33","date_gmt":"2025-01-23T09:35:33","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=9246"},"modified":"2025-01-23T09:35:33","modified_gmt":"2025-01-23T09:35:33","slug":"north-dakota-lawmakers-propose-bill-to-cap-crypto-atm-transactions-to-prevent-scams","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=9246","title":{"rendered":"North Dakota Lawmakers Propose Bill To Cap Crypto ATM Transactions To Prevent Scams"},"content":{"rendered":"
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North Dakota legislators are deliberating House Bill 1447, a newly introduced measure <\/span>aimed at reducing<\/span> crypto ATM-related scams by imposing transaction limits and implementing stricter consumer protections. <\/span><\/p>\n

The bill, introduced on 15 January 2025, proposes capping daily withdrawals at $1,000, limiting fees to $5 or 3% of the transaction amount (whichever is higher), and requiring fraud warning notices on all crypto ATMs.<\/span><\/p>\n

Lisa Kruse, commissioner of North Dakota\u2019s Department of Financial Institutions, testified on 22 January 2025 before the House Industry, Business, and Labor Committee, highlighting the impact of crypto scams in the state. <\/span><\/p>\n

EXPLORE:\u00a0<\/span>10 Coins with High Returns: Crypto Forecast 2025<\/span><\/a><\/strong><\/p>\n

North Dakota Residents Lost Millions To Crypto Scams In 2023<\/span><\/h2>\n

Kruse reported that in 2023, North Dakota residents filed 103 crypto scam complaints with the FBI, resulting in combined losses of $6.5 million. <\/span><\/p>\n

Nationwide, the FBI recorded $5.6 billion in crypto-related fraud last year, including over 5,500 cases involving crypto ATMs, which accounted for $189 million in losses.<\/span><\/p>\n

House Representative Steve Swiontek, the bill\u2019s primary sponsor and former CEO of Gate City Bank, emphasized the lack of consumer safeguards on crypto ATMs compared to traditional ATMs. <\/span><\/p>\n

\u201cUnfortunately, this has allowed criminals to exploit them for theft,\u201d Swiontek said, underscoring the need for greater protections.<\/span><\/p>\n

The bill also seeks to bolster consumer awareness by requiring ATMs to display warnings about potential scams. Machines would advise users to contact law enforcement if they suspect fraudulent activity and remind them that funds lost to fraud may be irretrievable.<\/span><\/p>\n

Josh Askvig, North Dakota\u2019s director of the American Association of Retired Persons, praised the bill for its potential to protect elderly residents, a demographic often targeted by scammers.<\/span><\/p>\n

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JUST IN: \"\ud83c\uddfa\ud83c\uddf8\"North Dakota introduces bill to invest state funds into $BTC<\/a><\/p>\n

ARE YOU PAYING ATTENTION? pic.twitter.com\/CX0S0tuEhx<\/a><\/p>\n

\u2014 CryptosRus (@CryptosR_Us) January 10, 2025<\/a><\/p>\n<\/blockquote>\n