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A serious step is being taken in Minnesota that will directly affect crypto ATM users. Democratic Farmer–Labor Party representative Eren Kögel has introduced HF 3642, which aims to shut down all cryptocurrency ATMs in the state.
This decision comes in response to a rise in scams involving the elderly. In Minnesota alone, last year saw 70 complaints filed, reporting total losses of $540,000. Some seniors have been pulled into severe financial difficulties.
At present, 8–10 companies in the state operate more than 350 crypto ATMs. If this bill is approved, searches like “ethereum atm near me” will become useless in Minnesota. The Minnesota Department of Commerce has strongly supported the law and is also working on additional plans to protect consumers.
Under the current regulatory framework, there were already information requirements and transaction thresholds starting in 2024. This new bill will eliminate them entirely. This move will make “ethereum atm” or any other crypto ATM illegal in Minnesota.