Bitcoin ATM Companies Are Preying on the Poor

, company executives said that the SEC could effectively shut down their operation “if we were to be deemed an investment company under the Investment Company Act of 1940.”

“The cryptocurrency industry has spent billions on bullying regulators, lobbying Congress — and inundating my neighbors with advertising for get-rich-quick schemes,” Tlaib told. “Dressing up dangerous and predatory products in new technology and fancy buzzwords does not give financial companies a free pass to avoid regulation and consumer transparency.”

The CFPB declined the opportunity to comment, but highlighted various government agencies’ stated concerns about crypto ATMs being used to facilitate money laundering. The agency also pointed to its own consumer complaint database, a separate CFPB analysis of crypto-asset complaints, and flagged the Treasury Department’s report citing the crypto ATM industry as an example of a financial service provider preying on “vulnerable communities.

MattBinder PrettyBadLefty EmmaVigeland

No fools left? Ponzi about to go.

I once had a very long conversation with someone claiming to be Keanu Reeves who wanted me to go convert my money to Bitcoin and send it to them 'for the children' - said it was for his children's hospital...even after I said I'm living in poverty. Reeves' net worth is $380M.

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