In the US, the “Responsible Financial Innovation Act of 2025” (RFIA) is gaining particular relevance against the backdrop of a wave of fraud involving cryptocurrency ATMs. Senator Cynthia Lummis emphasized that this document contains comprehensive measures to combat illegal schemes that actively use cryptocurrency ATMs to deceive citizens.
This is reported by Finway
RFIA’s Goal: Strengthening Control Over the Cryptocurrency ATM Market
According to Lummis, the RFIA bill is intended to be an effective mechanism for combating abuses in the cryptocurrency ATM sector. She noted that the issue of cryptocurrency ATM fraud has long concerned lawmakers, and a similar initiative was first introduced back in 2023.
“This is something that has been troubling me for a long time, and we, along with @SenGillibrand, first introduced legislation to stop bad actors in the crypto kiosk space in 2023. This is just one of the issues we hope to address within the market structure.” – Senator Cynthia Lummis (@SenLummis)
The RFIA project, prepared by the US Senate Banking Committee, which Lummis chairs the subcommittee on digital assets, is analogous to the CLARITY Act. The document proposes a clear classification of cryptocurrencies and defines the powers of regulatory bodies for monitoring digital assets.
A vote on the RFIA is expected at the end of September 2025; however, due to political disagreements, particularly the lack of support from Republicans, it may be postponed to mid-October.
Cryptocurrency ATM Fraud: Scale and Countermeasures
Senator Lummis, in her comments, refers to data from the Cheyenne police, which recorded over 50 cases of fraud involving cryptocurrency ATMs. The perpetrators primarily targeted elderly individuals, causing them a total loss of over $645,000. According to law enforcement, the use of cryptocurrency ATMs allows criminals to mask the flow of funds, complicating investigations.
Due to a significant number of fraudulent incidents in the city of Spokane (Washington state), cryptocurrency ATMs have been completely banned. According to Coin ATM Radar, there are currently over 30,000 cryptocurrency ATMs installed in the US, with 11 located in Cheyenne.
In 2023, Cynthia Lummis, along with Senator Kirsten Gillibrand, reintroduced the Responsible Financial Innovation Act with a focus on combating fraud in the cryptocurrency ATM sector. The RFIA includes key provisions that require cryptocurrency ATM operators to verify users’ identities, register ATM addresses, and regularly submit activity reports.