By David Murchland, Marshfield Now!
WOOD COUNTY, Wis. — A new Wisconsin law aimed at regulating cryptocurrency ATMs is expected to help curb a growing number of scams that have cost victims thousands of dollars, local officials said.
The legislation, recently signed by Gov. Tony Evers, places limits on how much money can be deposited into cryptocurrency kiosks and introduces new consumer protections. Under the law, users are restricted to depositing no more than $1,000 per day, and certain transactions may be eligible for refunds within 30 days.
Authorities say the law addresses a surge in scams in which criminals instruct victims—often older adults—to withdraw large sums of cash and deposit it into cryptocurrency ATMs. Once the funds are transferred to a digital wallet controlled by scammers, the money is typically unrecoverable.
Wood County Sheriff Shawn Becker said local law enforcement began encountering these cases several years ago as cryptocurrency kiosks became more common in convenience stores.
Investigators initially focused on recovering cash deposits as evidence and returning funds to victims when possible. However, disputes over ownership of the money and the lack of clear regulations complicated those efforts, Becker said.
The issue prompted collaboration between local officials and state lawmakers, including the drafting of legislation to regulate the machines and provide clearer guidelines for enforcement and consumer protection.
Supporters of the law say it balances the use of emerging financial technology with safeguards to prevent exploitation. Becker emphasized that authorities are not opposed to cryptocurrency itself but are focused on stopping fraudulent activity.
Officials say public awareness remains critical, urging residents to be cautious of unsolicited requests involving cryptocurrency transactions and to report suspected scams to law enforcement.
This story was produced by the Marshfield Now! Show staff.