EddieJayonCrypto
2 May 25
Rep. Lance Gooden (R-Texas) has proposed installing cryptocurrency ATMs in federal buildings to increase public access to digital currencies, aligning with former President Trump's vision of U.S. leadership in blockchain and crypto innovation. Gooden views crypto as integral to the global financial ...
Texas Rep. Lance Gooden proposes installing cryptocurrency ATMs in federal buildings to increase access to digital currencies and support former President Donald Trump's vision of U.S. leadership in blockchain and crypto innovation.Gooden emphasizes crypto as an integral part of the global financial system and believes these ATMs would serve a diverse and expanding consumer base, bringing digital finance closer to everyday Americans.However, the FBI reports a near doubling of crypto ATM-related scams in 2024, with nearly 11,000 complaints and $246.7 million in financial losses, disproportionately impacting seniors who lost over $107 million. Common scams involve extortion, tech support fraud, government impersonation, and fake investment schemes that exploit the anonymity of crypto ATMs.Several countries like the UK have banned crypto ATMs outright, while others including France, Australia, Germany, and certain U.S. states and cities have introduced bans or restrictions to combat fraud. For example, Nebraska capped fees at 18% and limited daily transaction amounts.In response to rising fraud, Democratic senators are advocating for federal legislation—the Crypto ATM Fraud Prevention Act—that mandates fraud warnings, anti-fraud policies registered with FinCEN, transaction limits for new users, and refund provisions if fraud is reported promptly.Despite the fraud risks, Gooden insists that collaboration with regulators, industry experts, and technology providers can ensure compliance with anti-money laundering laws. He argues that the initiative will enhance accessibility and public education on digital finance, potentially positioning the U.S. as a leader in the evolving global financial landscape.By integrating crypto ATMs into federal buildings, Gooden envisions a future where public spaces reflect the rapidly changing financial ecosystem and reinforce America’s superpower status in digital currency innovation.