The city of Chico, California, hopes to receive support from a combination of state legislation and local ordinances to better regulate Bitcoin teller machines, or ATMs. During a local government committee discussion held on August 7, Butte County Chief Administrative Officer Andy Pickett spoke about the ongoing efforts to regulate Bitcoin. Pickett reported on recent state-level legislation aimed at limiting fraud cases associated with Bitcoin ATMs. In October 2023, an investigation by the California Legislature found that some cryptocurrency ATMs were charging premiums as high as 33%, while some ATMs had limits as high as $50,000. As a result, a bill was passed to limit deposits to $1,000 per day. In addition, California requires all cryptocurrency ATM transfers to provide receipts and disclose the name of the operator.

#DYOR42711