Nebraska Governor Jim Pillen has signed a new bill aimed at safeguarding users of cryptocurrency ATMs and kiosks amid rising crypto fraud in the state. The legislation, known as the Controllable Electronic Record Fraud Prevention Act, mandates that operators of crypto ATMs be licensed under Nebraska’s Money Transmitters Act and meet regulatory requirements from the Department of Banking and Finance. It introduces transaction limits of $2,000 per day for new users and $5,000 for existing customers, with maximum fees capped at 18% of transaction values. Users reporting fraud within 90 days can receive full refunds, including fees. The bill was introduced by Senator Eliot Bostar and aims to create a safer environment for cryptocurrency transactions in Nebraska, where fraud losses at crypto ATMs have escalated significantly, with over $65 million lost to fraud in just the first half of 2024. This initiative aligns with Nebraska's aim to establish itself as a leader in the cryptocurrency industry while ensuring user protection against fraud.

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