Wisconsin Crypto ATM Law Fails to Ban Machines Amid Rise in Scams

Crypto ATM scams have been causing headaches for law enforcement agencies and financial losses for victims in Wisconsin. In response, Senator Jesse James co-authored legislation that restricts daily transactions to $1,000, requires receipts after each transaction, mandates consumer identification, and offers refunds to victims.

The bill was passed as a compromise between lawmakers who wanted to ban crypto ATMs altogether and those who wanted looser regulations. Wisconsin's decision not to ban crypto ATMs sets it apart from states like Indiana and Minnesota that have done so.

AARP Wisconsin state director Raj Shukla pointed out that scammers disproportionately target older adults, with 86% of losses involving Americans over the age of 60.