- Wisconsin Senate bill targets Bitcoin ATM transactions
- Full KYC, photo ID, and $1K cap proposed
- Critics warn of reduced crypto privacy
Wisconsin Bitcoin ATM KYC Proposal Gains Momentum
The Wisconsin Senate has introduced a bill that could significantly change how Bitcoin ATMs operate in the state. The proposed legislation mandates full Know Your Customer (KYC) verification for every Bitcoin ATM transaction. This includes presenting a photo ID for all purchases, regardless of the amount.
Under the bill, transactions would also be capped at $1,000 per person per day. Additionally, operators would be required to collect and store detailed personal information from users. Lawmakers argue the move is necessary to prevent fraud, money laundering, and other illicit activities involving cryptocurrencies.
Privacy Concerns in the Crypto Community
While supporters of the bill believe these measures will strengthen consumer protections, many in the crypto space see it as a step toward eroding financial privacy. Bitcoin ATMs have often been used by individuals who prefer quick, relatively private transactions. Introducing full KYC requirements would make such transactions nearly as intrusive as using a centralized exchange.
Critics also point out the risk of data breaches, since ATM operators will now store sensitive personal information. This adds another layer of vulnerability for users who simply want to buy or sell small amounts of Bitcoin.
Possible Impact on Bitcoin ATM Usage
If passed, this bill could reduce the number of people using Bitcoin ATMs in Wisconsin. Some may opt for peer-to-peer trading, decentralized exchanges, or travel to neighboring states with fewer restrictions. Others may simply avoid purchasing Bitcoin altogether due to the added compliance burden.
The bill’s progression will be closely watched by both state residents and the broader crypto industry. If Wisconsin’s proposal becomes law, it could inspire similar legislation in other U.S. states, potentially reshaping the Bitcoin ATM landscape nationwide.
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