New Jersey A3244 prohibits cryptocurrency automatic teller machines to protect consumers from fraud.

New Jersey A3244 prohibits any business entity from owning, controlling, installing, managing, selling, or offering for sale a cryptocurrency automatic teller machine (ATM) in the state. The bill aims to protect consumers from fraud associated with cryptocurrency ATMs, which have seen a significant rise in scams. The median loss reported by Bitcoin automatic teller machines was $10,000 in the first half of 2024, and individuals aged 60 and older were three times more likely to report such losses.

New Jersey A3244 prohibits cryptocurrency automatic teller machines to protect consumers from fraud.

New Jersey A3244 prohibits any business entity from owning, controlling, installing, managing, selling, or offering for sale a cryptocurrency automatic teller machine (ATM) in the state. The bill aims to protect consumers from fraud associated with cryptocurrency ATMs, which have seen a significant rise in scams. The median loss reported by Bitcoin automatic teller machines was $10,000 in the first half of 2024, and individuals aged 60 and older were three times more likely to report such losses.