Texas Congressman Lance Gooden is proposing the installation of crypto ATMs in federal buildings to boost public support for innovation and blockchain technology. He emphasizes strong identification standards and transparency regarding fees. Despite regulatory scrutiny, he has received an ‘A’ rating from an advocacy group for his support of the industry. The push comes amid changing market dynamics.
Texas Congressman Lance Gooden is making headlines with a bold push for the installation of cryptocurrency ATMs in federal buildings. This proposal aligns with former President Donald Trump’s supportive stance towards digital assets. In a recent letter sent to Stephen Ehikian, the Acting Administrator of the General Services Administration (GSA), Gooden argues that introducing crypto ATMs in government facilities would not only encourage public approval for technological innovations but also aid in the broader adoption of blockchain technology.
The congressman points to the importance of making digital assets more accessible, claiming that this initiative could help position the United States as a frontrunner in the cryptocurrency and blockchain sector. He stresses the need for robust identity verification standards and transparency regarding transaction fees, pointing out that these measures are essential to ensure secure and reliable usage of the machines.
At present, the GSA operates a handful of conventional ATMs across its properties. Gooden’s proposal seeks to broaden this service, suggesting that federal sites should also contain machines for digital assets. However, it’s worth noting that crypto ATMs are now facing heightened scrutiny from regulators. Concerns over potential fraud associated with these machines have led to legislative efforts including the Crypto ATM Fraud Prevention Act, which was brought forward by Senator Dick Durbin, along with similar efforts in New Jersey aimed at consumer protection through transaction limits and mandatory warnings.
Although Congressman Gooden isn’t a key figure on any committees that manage crypto legislation, he has received an “A” rating from the advocacy group Stand With Crypto. This rating reflects his support for the cryptocurrency industry. Gooden has previously shown interest in stablecoin oversight by the SEC but has recently expressed opposition to the potential creation of a U.S. central bank digital currency (CBDC), which resonates with many within the cryptocurrency community.
Amidst the ongoing fluctuations in the cryptocurrency market, the proposal to install crypto ATMs in federal buildings appears to be a forward-looking venture. Companies like Bitcoin Depot have noted a downturn in ATM usage, despite Bitcoin (BTC) experiencing a rise in price. This situation underlines the necessity for cautious yet innovative government engagement in the evolving crypto landscape.
