Minnesota proposes a comprehensive ban on cryptocurrency ATMs to address the surge in scams targeting the elderly

According to Ibtimes, Minnesota lawmakers have proposed a bill that aims to impose a statewide ban on cryptocurrency automated teller machines (cryptocurrency ATMs), marking one of the strictest regulatory measures in the U.S. regarding such devices.

House File 3642 was introduced by DFL representative Erin Koegel and seeks to prohibit the placement or operation of virtual currency ATMs anywhere in Minnesota, as well as to abolish the existing regulatory framework established in 2024. The proposal has received support from law enforcement and consumer advocacy organizations, which point out that these devices have become a primary tool for scammers, particularly in pig butchering schemes targeting the elderly. The Minnesota Department of Commerce strongly supports the bill, arguing that existing safeguards are ineffective against complex fraud. The bill must pass through the state House and Senate before being sent to the governor for signing, and the Minnesota legislative session will continue until May 2026.