Nebraska Governor Says State “Open for Businesses” in Crypto Space, Enacts Crypto ATM Bill

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Sujha Sundararajan

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Sujha Sundararajan

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Nebraska Crypto ATM bill

The US State of Nebraska is now “open for businesses” in the crypto space, said the state’s Governor Jim Pillen. In an X post on Wednesday, he emphasized that Nebraska has been “working hard” to become a crypto leader.

“We want everyone to know that we’re open for business – and that we’re doing it the right way,” the Governor wrote.

In an official statement from the Governor’s office, Nebraska Department of Banking Director Kelly Lammers noted that the state welcomes legit crypto businesses. He further stressed that there will be a separate team that will oversee to curb crypto fraud.

“We need to increase transparency to assure those doing legal business in the State of Nebraska that you are absolutely welcome,” said Lammers.

Nebraska Governor Passes Bill to Protect Crypto ATMs

Besides the state’s welcoming attitude towards crypto businesses, Governor Pillen has signed a new bill that protects users from crypto fraud.

Bill LB609, signed into law on Wednesday, establishes the “Controllable Electronic Record Fraud Prevention Act” for a “for a safe and robust” crypto industry.

The new legislation aims at protecting state residents from fraudulent cryptocurrency kiosks and ATMs, the release noted.

“An important part of these efforts is to make sure that we have guardrails to prevent criminals from taking advantage of Nebraskan,” said Governor Pillen.

In 2023, the FBI received 239 complaints from Nebraska residents, over typical crypto thefts, resulting in losses amounting to $14,552,697.

Further, the use of cryptocurrency kiosks to perpetrate fraudulent activity against the US population has been increasing, said IC3 data.

“We look forward to continuing to lay the groundwork for a safe and robust crypto industry in our state,” the Governor added. “This is good news for consumers.”

Americans Lost $180M to Crypto ATM Fraud

The US Federal Trade Commission (FTC) data reveals that consumers losing to crypto ATM frauds increased nearly tenfold between 2020 and 2023—from $12 million to $114 million.

The amount topped $65 million in the first half of 2024, the report noted.

Additionally, the FBI’s Internet Crime Complaint Center has received nearly 2,700 crypto ATM fraud complaints from individuals aged 60 and older.

Several US Senators have stepped up efforts to help fight fraud and prevent criminals from preying on senior citizens. For instance, last month, Illinois Sen. Dick Durbin announced a bill for new stricter crypto ATM regulations.

“Crypto kiosk operators need to ensure their machines aren’t being used to victimize vulnerable citizens and launder money for illegal activities,” said Sen. Reed.

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