California City Seeks Bitcoin ATMs Regulation
A city in California is seeking state and local regulations to govern Bitcoin ATMs in order to reduce fraud and increase transparency.
The City of Chico, California, is looking to a combination of state legislation and local ordinances to improve regulation of Bitcoin ATMs.
During a discussion held on August 7 by the Local Government Committee, Andy Pickett, Chief Administrative Officer of Butte County, discussed ongoing efforts to regulate Bitcoin ATMs.
Pickett highlighted recent state legislation aimed at curbing fraud related to Bitcoin ATMs.
READ MORE:
Senators Propose Bill to Enhance Secret Service’s Role in Digital Asset CrimesAn investigation conducted by California in October 2023 revealed that some crypto ATMs were charging premiums as high as 33%, with some machines allowing transactions worth up to $50,000. Consequently, a bill was passed to limit daily deposits to $1,000 and require disclosure of receipts and operator names for all crypto ATM transactions.
Pickett noted:
The significant impact will come from the bill, effective July 2025, which will regulate Bitcoin ATMs in a manner similar to banks.
He also stressed the need for local regulation of Bitcoin ATMs, mentioning that “each jurisdiction will need to enact its own ordinance to regulate these machines, and such ordinances will likely face legal challenges.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Trump-backed World Liberty Financial taps Chainlink to drive mass DeFi adoption
ZKsync approves proposal to distribute 325 million ZK tokens to boost liquidity across chains
Shiba Inu Community Pushes Token Toward $0,001
Can You Turn $500 Into $500 With These Cryptocurrencies?