The post Bitcoin ATM Fraud to be Solved Through Market Structure: US Senator ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement &nbsp &nbsp U.S. Senator Cynthia Lummis of Wyoming has raised concerns about the growing incidents of Bitcoin ATM fraud. She tweeted her response to a new report from The Cowboy Daily’s X handle that showed a worrying increase in crypto ATM fraud in her state. Over 50 such incidents were reported in Cheyenne alone, the capital of Lummis’s state, totaling around $645,000. Overall, the FBI reports that there were over 11,000 incidents of fraud nationwide in 2024. Market Structure Bill The US Senate Banking Committee has jurisdiction over ATM operations in the country and is currently deliberating on a new market structure bill to address concerns related to cryptocurrency. Members of the group are expected to vote on the new bill by the end of this month, with Senator Lummis’s full backing. She tweeted: “This is something that has concerned me for a long time, and @SenGillibrand and I first introduced legislation stopping bad actors in the crypto kiosk space in 2023. This is just one of the issues we hope to address in market structure.” Advertisement &nbsp Crypto Brings Opposing Sides Together The senator mentioned in her tweet is Kirsten Gillibrand, a democrat from New York. It is interesting to see how the crypto issue is bringing together two politically contrasting places, with Gillibrand’s New York being a densely populated liberal stronghold, while Lummis’s deeply conservative state is the least populated. While crypto adoption is growing steadily in the country and crypto-related debit cards are becoming increasingly popular, the US Capitol has yet to pass consumer protection laws regarding crypto ATMs and kiosks. However, there were some attempts to address this issue. In February, Illinois Senator Dick Durbin introduced the Crypto ATM Fraud Prevention Act. Still, his efforts failed to advance as the US Banking Committee… The post Bitcoin ATM Fraud to be Solved Through Market Structure: US Senator ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement &nbsp &nbsp U.S. Senator Cynthia Lummis of Wyoming has raised concerns about the growing incidents of Bitcoin ATM fraud. She tweeted her response to a new report from The Cowboy Daily’s X handle that showed a worrying increase in crypto ATM fraud in her state. Over 50 such incidents were reported in Cheyenne alone, the capital of Lummis’s state, totaling around $645,000. Overall, the FBI reports that there were over 11,000 incidents of fraud nationwide in 2024. Market Structure Bill The US Senate Banking Committee has jurisdiction over ATM operations in the country and is currently deliberating on a new market structure bill to address concerns related to cryptocurrency. Members of the group are expected to vote on the new bill by the end of this month, with Senator Lummis’s full backing. She tweeted: “This is something that has concerned me for a long time, and @SenGillibrand and I first introduced legislation stopping bad actors in the crypto kiosk space in 2023. This is just one of the issues we hope to address in market structure.” Advertisement &nbsp Crypto Brings Opposing Sides Together The senator mentioned in her tweet is Kirsten Gillibrand, a democrat from New York. It is interesting to see how the crypto issue is bringing together two politically contrasting places, with Gillibrand’s New York being a densely populated liberal stronghold, while Lummis’s deeply conservative state is the least populated. While crypto adoption is growing steadily in the country and crypto-related debit cards are becoming increasingly popular, the US Capitol has yet to pass consumer protection laws regarding crypto ATMs and kiosks. However, there were some attempts to address this issue. In February, Illinois Senator Dick Durbin introduced the Crypto ATM Fraud Prevention Act. Still, his efforts failed to advance as the US Banking Committee…