California Lawmakers Propose Bill to Cap Crypto ATM Withdrawals to Combat Scams
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California legislators proposed a bill to cap crypto ATM withdrawals at $1K per day starting in 2024 to combat scams.
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The bill comes after finding ATMs charging premiums up to 33% and limits as high as $50K.
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There are over 3,200 Bitcoin ATMs in California currently.
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The bill would also limit operators' fees to $5 or 15% starting in 2025.
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Crypto ATM operators argue the bill would harm small businesses without addressing fraud.