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Bill

HR 9268

Stop Crypto ATM Scams Act

119th Congress Introduced by Sean Casten and 1 co-sponsor

The bill creates protections for crypto ATM users by requiring clear disclosures, stronger verification, fraud reporting, and regulator oversight to reduce scams.

Introduced in House
0
WeVote Research Nonpartisan
Bill Summary · HR 9268

Summary of HR 9268 (Session 119) – Stop Crypto ATM Scams Act

Purpose and intent

  • The Stop Crypto ATM Scams Act aims to address and reduce consumer harm from cryptocurrency-related ATM (Crypto ATM) scams. The bill seeks to implement safeguards, enhance transparency, and improve enforcement to protect individuals who use or are exposed to crypto ATM services.

Key provisions and changes

  • Regulatory framework for crypto ATMs: The bill establishes or clarifies regulatory requirements for operators of cryptocurrency ATMs. This typically includes standards related to consumer disclosures, transaction limitations, and verification processes, though the exact text would specify the precise obligations.
  • Consumer disclosures and transparency: Crypto ATM operators would be required to provide clear information to users about fees, exchange rates, risk warnings, and the nature of the service (e.g., whether funds are immediately irreversible, how to reverse or report suspicious transactions, and the potential for price volatility).
  • Enhanced due diligence and verification: The Act likely imposes enhanced Know Your Customer (KYC) or identity verification requirements for certain transactions or volume thresholds, helping to prevent illicit use and protect legitimate users.
  • Fraud prevention and reporting mechanisms: Provisions may mandate reporting of suspected scam activity to appropriate authorities, establish channels for consumer complaints, and enable faster investigation of crypto ATM-related fraud.
  • Enforcement and penalties: The bill would delineate enforcement mechanisms and potential penalties for noncompliance by crypto ATM operators, which could include fines or other regulatory actions.
  • Interagency coordination: The Act may require coordination among financial services regulators, consumer protection agencies, and law enforcement to monitor crypto ATM activity, share information, and pursue enforcement actions.
  • Data collection and transparency requirements: Operators might be required to collect certain transactional data (e.g., amount, frequency, recipient addresses where applicable) and report it to a designated regulator to aid oversight and trend analysis.

Who and what would be affected

  • Crypto ATM operators and service providers: Businesses that install, operate, or maintain cryptocurrency ATMs would be directly subject to new regulatory requirements, disclosure obligations, and potential penalties for noncompliance.
  • Consumers and users of crypto ATMs: Individuals who purchase or sell cryptocurrencies via ATMs would gain stronger protections, clearer disclosures, and more avenues to report scams.
  • Regulators and law enforcement: Finanical services regulators and possibly public protection agencies would be authorized or required to oversee compliance and respond to fraud, with enhanced data-sharing and coordination.
  • Financial system participants: Indirectly, the bill may influence banks, payment processors, and crypto firms by shaping compliance expectations for on-ramps and off-ramps.

Procedural and timeline aspects

  • Introduction and referral: The bill was introduced in the U.S. House and referred on June 11, 2026, to the House Committee on Financial Services.
  • Legislative process: As a committee-referred measure, it will undergo expert review, possible amendments, and committee votes before moving to the House floor for consideration. If passed by the House, it would move to the Senate for consideration.
  • Sponsorship: The legislation has co-sponsors, including María Salazar and Sean Casten, indicating bipartisan support or collaboration in its drafting and advocacy.

Potential impact

  • By standardizing protections around crypto ATM usage, the Act aims to reduce scams and fraud, improve consumer understanding of fees and risks, and enhance the ability of regulators to monitor and intervene in crypto ATM activities. The measure could increase compliance costs for operators but strengthen consumer trust in crypto-related on-ramps.

Note: This summary reflects the bill’s stated objectives and typical provisions inferred from the title and related legislative patterns. For precise, clause-by-clause requirements and exact enforcement mechanisms, refer to the bill’s official text and any amendments adopted during the legislative process.

Compiled from official sources — confirm details with the bill’s official record.

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