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HUNTSVILLE, Ala. (WAFF) – Lawmakers propose legislation to combat cryptocurrency fraud schemes in Alabama.
Numerous people in Alabama have fallen victim to cryptocurrency scams. Now, state lawmakers are taking action. House Bill 303 is pending in the state house to prevent Alabamians from losing money to scammers.
The legislation was introduced after a Huntsville woman was scammed out of more than $300,000. Officials from the Better Business Bureau and the Alabama Securities Commission said they believe HB 303 could help many Alabamians avoid similar schemes.
Amanda Senn, director of the Alabama Securities Commission, said the bill would implement safety measures such as capping daily and monthly transactions and providing refund mechanisms.
“Crypto is hard to trace, and that’s why some scammers encourage people to use cryptocurrency,” Senn said. “Most of the time the money is gone. If we can provide regulations or a framework to help prevent money from being transmitted, the likelihood of recovery is virtually impossible. With House Bill 303, we hope to prevent that money from even being transmitted.”
Karen Reeves, from the Better Business Bureau, said scammers are using cryptocurrency in romance, pet and jury duty schemes. She called cryptocurrency fraud a significant issue in North Alabama.
“The Better Business Bureau has definitely seen an uptick in crypto scams,” Reeves said. “Over the last couple of years, the amount reported to BBB Scam Tracker has tripled.”
Reeves said she believes the safety measures in the bill can prevent many people from being scammed and that she is supportive of the legislation.
The bill is currently awaiting consideration in a House Committee.
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