Senate bill would require live phone checks before crypto ATM deals

What does this do?

S 710 sets new federal rules for businesses that operate cryptocurrency ATMs. Operators would have to register machines with the U.S. Treasury every 90 days, hire a full-time compliance officer, create a written anti-fraud plan, and use software to flag wallets linked to known scams. Machines must display warnings about scams including fake government officials, fake job offers, and charity fraud.

Who does it affect?

Businesses that own or operate crypto ATMs would face new registration, staffing, and technology requirements. Consumers who use these machines, particularly older adults who are common targets of crypto ATM scams, are the primary protected group.

Why does it matter?

New customers would be limited to $2,000 per 24-hour period and $10,000 total through a single operator's machines. Operators that wrongly deny a valid refund could owe the customer three times the refund amount or $10,000, whichever is larger.

What does it cost, and who pays?

• Wrong denial penalty: 3x refund or $10,000
• New customers: full refund plus fees
• Returning customers: fees only

Where does it stand?