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California just dropped a Bitcoin ATM bombshell 💣
Starting Jan 2025, you can only withdraw max $1,000/day from crypto ATMs in CA. Governor Newsom signed it to fight fraud.
Why? Scammers have been running wild. The FTC says 46,000+ people lost over $1B to crypto scams last year. Classic scenario: elderly person gets a fake call, thinks they're helping "grandchild in trouble", rushes to Bitcoin ATM, deposits thousands before realizing the scam.
Assembly Bill 39 also caps fees at $5 or 15% (whichever is higher), and operators gotta disclose everything—spread, rates, the whole menu.
The debate though? Crypto advocates say it'll hurt regular users who just want to convert cash quickly. Consumer protection groups counter: this gives victims time to realize they got played before the money vanishes forever on the blockchain.
Reality check: 3,200+ Bitcoin ATMs in CA right now. A $1k/day limit won't kill adoption, but it *will* slow down the big scams.
What's your take—necessary consumer protection or overreach?