Minnesota Bill Proposes Ban on Cryptocurrency ATMs to Combat Elderly Fraud-Related Scams

BlockBeats News, February 27th. According to The Block, Minnesota Democratic-Farmer-Labor Party representative Erin Koegel recently introduced bill HF 3642 aimed at banning the placement and operation of cryptocurrency ATMs statewide. The proposal comes in response to multiple scam cases targeting the elderly as reported by local law enforcement, some of whom have suffered significant financial hardship as a result.

The Minnesota Department of Commerce has stated its "strong support" for the bill and plans to introduce a broader consumer protection proposal in the coming days. Reportedly, Minnesota currently has around 350 cryptocurrency ATMs operated by 8-10 companies. The state received 70 related complaints last year, reporting total losses of $540,000. The bill would repeal the existing regulatory framework established in 2024, including disclosure requirements and transaction limits.