Senator Cynthia Lummis stated that the “Responsible Financial Innovation Act of 2025” (RFIA) could become an effective tool in combating fraud involving cryptocurrency ATMs in the United States. Voting on this document is expected to take place at the end of September 2025.
This is reported by Business • Media
RFIA: Key Provisions and the Need for Regulation
Lummis, who chairs the Senate subcommittee on digital assets, emphasized that the RFIA is the American counterpart to the CLARITY Act prepared by the Banking Committee of the upper chamber. The bill defines the classification of cryptocurrencies and the powers of regulatory bodies, creating a regulatory framework for the digital asset market in the US.
Banking Committee Chairman Tim Scott planned to introduce the bill to Congress by the end of September 2025. However, due to a lack of support among Republicans who lean towards the CLARITY Act, the vote has been postponed to mid-October.
Scope of Fraud and Government Response
Cynthia Lummis highlighted the danger of fraud involving cryptocurrency ATMs, particularly concerning the elderly. According to a report from the Cheyenne police, over 50 cases of such crimes have been recorded in the city alone, with losses exceeding $645,000. Criminals use cryptocurrency ATMs to complicate the tracking of cash flows, leading to the loss of savings for senior citizens.
“This is something that has concerned 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 in the market structure.”
In response to the rising number of crimes, the city of Spokane (Washington) has completely banned the use of cryptocurrency ATMs. According to Coin ATM Radar, as of September 2025, there are over 30,000 cryptocurrency ATMs installed in the US, with 11 located in Cheyenne.
Back in 2023, Cynthia Lummis, along with Senator Kirsten Gillibrand, reintroduced the Responsible Financial Innovation Act, which included measures to combat fraud involving cryptocurrency ATMs. Some of these provisions have been included in the RFIA. Among them are mandatory user identity verification, registration of ATM addresses, and the submission of relevant reports by operators.