North Dakota’s Crypto ATM Bill: $2K Daily Limit, Laughter and Tears

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Oh, the laughter and tears in the grand state of North Dakota! The Senate, in all its wisdom, has passed a bill that regulates crypto ATMs, capping daily transactions at a mere $2,000 per user. 🤣 As if the good people of North Dakota were planning to buy a small country with their crypto! 🌍💰

The Senate, in a 45-to-1 vote on March 18, decided that House Bill 1447 was just the ticket to protect residents from the looming crypto scam apocalypse. The bill, introduced on Jan. 15, is a masterpiece of bureaucratic brilliance, requiring crypto ATM operators to be licensed as money transmitters, limiting daily withdrawals to $2,000, and issuing fraud warning notices. 🚨

Initially, the bill had a $1,000 daily limit, but the House committee, in a moment of generosity, raised it to $2,000. Now, the Senate has finalized this generous cap, ensuring that no one can accidentally become a crypto millionaire in a single day. 🤑

Before this bill can become law, it must return to the House for a final vote. North Dakota Governor Kelly Armstrong will then have the dubious honor of either vetoing or signing it. 📜

The bill also mandates that operators use blockchain analytics to monitor for suspicious activity, report it to the authorities, and provide quarterly reports on kiosk locations, names, and transaction data. 🕵️‍♂️📊

During a House committee hearing on Jan. 22, the bill’s primary sponsor, House Representative Steve Swiontek, lamented that crypto ATMs currently lack protection measures, allowing criminals to exploit them for theft. 🚓💰

Not to be outdone, Nebraska Governor Jim Pillen signed similar legislation into law on March 13, the Controllable Electronic Record Fraud Prevention Act, designed to combat fraud. 📜🛡️

Meanwhile, US Senator Dick Durbin of Illinois, who once chaired the Senate Judiciary Committee, proposed federal legislation on Feb. 25, inspired by a constituent who fell for a scam involving a $15,000 deposit at a crypto ATM to avoid arrest. 🤦‍♂️💰

Last September, the Federal Trade Commission reported that fraud losses at Bitcoin (BTC) ATMs had increased nearly tenfold from 2020 to 2023, reaching $65 million in the first half of 2024. Consumers aged 60 and older were three times more likely to fall victim. 😢👴👵

Coin ATM Radar data shows that the US still leads the pack with 29,822 Bitcoin ATMs, representing 78% of the global market. Canada comes in second with 9.2% of the market and 3,486 crypto ATMs, while Australia is third with 1,613 crypto ATMs, or 4.3% of the market. 🇺🇸🇨🇦🇦🇺

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2025-03-19 08:11