Banning virtual currency kiosks is no solution to fraud
Blanket crypto ATM bans punish legitimate users while fraudsters adapt. Smart warning systems at kiosks could intercept scams in progress.
Opinion by: Bill Repasky, attorney at Frost Brown Todd LLP
With more than 55 million Americans now using cryptocurrency in their daily lives, cryptocurrencies have become an integral component of our nation’s financial system.
Just like traditional ATMs, tens of thousands of virtual currency kiosks — also known as Bitcoin ATMs — have popped up in communities around the United States to support cryptocurrency transactions, from converting cash into crypto to buying and selling coins. The passage of the GENIUS Act may enlarge the public’s demand for Bitcoin ATMs as stablecoins are introduced.