California legislators have proposed a new bill aimed at regulating crypto ATMs in response to growing scams. The bill, titled “Digital financial asset transaction kiosks,” seeks to impose a daily withdrawal limit of $1,000 on crypto ATMs and cap operators’ fees at $5 or 15% (whichever is higher) starting in 2025. The legislation was prompted by lawmakers’ discovery of high markups and fees at crypto ATMs during a visit to a Sacramento ATM. Currently, crypto ATMs charge fees ranging from 12% to 25% on average. The bill also requires digital financial asset businesses to obtain a license from the California Department of Financial Protection and Innovation by July 2025. While some residents affected by ATM scams support the bill, crypto ATM businesses argue that it unfairly targets small operators and fails to address the core issue of fraud. They warn that the legislation could harm the industry and consumers without effectively stopping bad actors. Overall, the proposed bill aims to address the concerns surrounding crypto ATMs and protect individuals from fraudulent activities.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Monique Limón
Companies	Coin ATM Radar, California Department of Financial Protection and Innovation, LA Times
Currencies	Bitcoin
Securities	None