Minnesota proposes bill to ban cryptocurrency ATMs in response to scams targeting the elderly

ChainCatcher News: Minnesota Democratic Farmer-Labor Party Representative Erin Koegel recently introduced Bill HF 3642, which aims to ban the placement and operation of cryptocurrency kiosks statewide. The proposal stems from multiple scam reports targeting seniors, some of whom faced severe financial hardship as a result. The Minnesota Department of Commerce expressed "strong support" for the bill and plans to propose broader consumer protection measures in the coming days.

Reportedly, Minnesota currently has about 350 cryptocurrency ATMs operated by 8 to 10 companies. Last year, the state received 70 related complaints, with reported losses totaling $540,000. The bill would repeal the existing regulatory framework established in 2024, including disclosure requirements and transaction limits.