Minnesota Proposes to Ban Cryptocurrency ATMs Entirely to Combat Surge in Elderly Scams

According to Ibtimes, Minnesota lawmakers have introduced a bill to ban cryptocurrency ATMs statewide, one of the strictest regulations in the U.S. targeting such devices.
House File 3642, sponsored by DFL Representative Erin Koegel, aims to prohibit the placement or operation of virtual currency ATMs anywhere in Minnesota and to repeal the existing regulatory framework established in 2024. The proposal has garnered support from law enforcement agencies and consumer advocacy groups, who point out that these devices have become a primary tool for scammers, especially in pig butchering schemes targeting the elderly. The Minnesota Department of Commerce strongly supports the bill, stating that current safeguards are ineffective against complex fraud schemes. The bill must pass through both the state House and Senate before being sent to the governor for signature. The Minnesota legislative session will continue until May 2026.