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Nebraska enforces new crypto ATM law to prevent fraud, requiring sufficient warning disclosures

Nebraska Governor Jim Pillen has signed the LB609 bill into law in an effort to combat fraud and "protect users of cryptocurrency kiosks and ATMs."

In a statement released Wednesday, the governor said the bipartisan legislation, known as the "Controllable Electronic Record Fraud Prevention Act," is part of the efforts to "make sure that we have guardrails to prevent criminals from taking advantage of Nebraskans."

The bill, introduced by Senator Eliot Bostar in January, stipulates that kiosk operators must be licensed under the Nebraska Money Transmitters Act and clearly disclose all terms associated with their services, including warnings about consumer fraud.