Delaware Moves Forward with Comprehensive Ban on Crypto ATMs
- Delaware lawmakers have advanced House Bill 441 to ban cryptocurrency kiosks statewide.
- If passed, the bill mandates existing machines to go offline immediately and be removed within 90 days.
- The bill aligns Delaware with states like Tennessee, Indiana, and Minnesota in banning crypto ATMs.
- Representative Cyndie Romer cites high fees of up to 20% at crypto ATMs compared to online exchanges’ fees of up to only 1%.
- Increased fraud is a concern, with over 13,400 complaints involving cryptocurrency kiosks reported in the previous year.
House Bill 441 aims to protect consumers from predatory practices associated with cryptocurrency kiosks by eliminating them entirely from Delaware. The legislation reflects a broader trend as more states regulate or ban these machines due to rising fraud complaints and financial losses.
The proposed ban highlights the growing scrutiny on crypto ATMs as lawmakers seek to curb scams affecting vulnerable populations, particularly elders who face unrecoverable losses from such frauds. (Source)
