Nebraska Governor Jim Pillen has officially signed LB609, also known as the Controllable Electronic Records Fraud Prevention Act, imposing stricter regulations on cryptocurrency ATMs and kiosks to combat fraud and protect consumers.
Nebraska Enacts Crypto ATM Law to Fight Fraud
Bipartisan legislation introduced by Senator Eliot Bostar in January would require crypto ATM operators to obtain a license under the Nebraska Money Transmitters Act and clearly disclose all terms and potential fraud risks to users.
“Cryptocurrency is a growing industry and we are working hard to make Nebraska a crypto leader,” Governor Pillen said in a post on X. “We want everyone to know that we are open for business and doing it the right way.”
Nebraska Department of Banking Director Kelly Lammers emphasized the state’s commitment to crypto innovation while ensuring consumer protection.
“We will soon have a team that will be monitoring even more closely those who target our citizens and seek to exploit Nebraskans and their financial resources using Crypto ATMs,” Lammers said.
Crypto ATMs have faced increased regulatory scrutiny due to their association with scams. In September 2024, the Federal Trade Commission (FTC) reported a “major increase” in scams related to Bitcoin ATMs, with consumer losses exceeding $65 million in the first half of the year.
Last month, Senator Dick Durbin introduced the Crypto ATM Fraud Prevention Act, which aims to introduce federal regulations to curb fraudulent activities.
With LB609 now in effect, Nebraska joins a growing list of states tightening oversight over crypto-related financial services.
*This is not investment advice.
Continue Reading: Nebraska, USA, Has Introduced Strict Regulations to Prevent Crypto Scams! Here Are the Details
Bitcoin Sistemi – Read More