Minnesota Proposes Bill to Ban Cryptocurrency ATMs in Response to Elderly Scam Cases

Odaily News Minnesota Democratic-Farmer-Labor Party Representative Erin Koegel recently introduced bill HF 3642, aiming to ban the placement and operation of cryptocurrency automated teller machines (kiosks) statewide. This proposal stems from multiple scam cases targeting the elderly reported by local law enforcement, with some victims facing severe financial hardship as a result. The Minnesota Department of Commerce has expressed "strong support" for the bill and plans to introduce a broader consumer protection proposal in the coming days.

It is reported that Minnesota currently has approximately 350 cryptocurrency ATMs operated by 8-10 companies. Last year, the state received 70 related complaints, with reported total losses amounting to $540,000. The bill would repeal the current regulatory framework established in 2024, including provisions such as disclosure requirements and transaction limits.