The bill would implement daily withdrawals for crypto users in the state
A North Dakota lawmaker has introduced a bill aimed at regulating cryptocurrency ATMs to enhance consumer protection and combat scams. House Bill 1447, presented on January 15, proposes several restrictions, including a daily withdrawal limit of $1,000 and a fee cap of $5 or 3% per transaction, whichever is greater. The bill also requires these machines to display fraud warnings and encourage users to contact law enforcement if they suspect foul play.
State Representative Steve Swiontek, the bill’s sponsor, highlighted the lack of safeguards in crypto ATMs compared to traditional banking ATMs. He explained that this gap makes it easier for criminals to exploit users. Swiontek, a former banking executive, emphasized that the proposed measures aim to curb theft and scams, particularly targeting vulnerable populations like seniors.
According to Lisa Kruse, commissioner of North Dakota’s Department of Financial Institutions, the state recorded 103 crypto-related scam complaints in 2023, resulting in losses of $6.5 million. Nationally, the FBI reported over $5.6 billion in crypto fraud losses last year, with crypto ATMs involved in cases totaling $189 million.
Consumer advocacy groups, such as the American Association of Retired Persons, support the bill’s provisions, citing its potential to protect older residents from losing their savings to scams. However, the proposed fee and transaction limits have drawn criticism from operators like CoinFlip.
Kevin Lolli, CoinFlip’s assistant general counsel, argued that current fees, often between 8% and 20%, cover operational costs such as maintenance and security. Lolli supported consumer protection measures but opposed financial restrictions that could hinder business operations.
North Dakota joins a growing list of states examining cryptocurrency regulations as the popularity of digital assets continues to rise. The outcome of this debate may influence future approaches to crypto ATM oversight nationwide.

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