Minnesota Bill Proposes Ban on Cryptocurrency ATMs Statewide

A bill introduced by Minnesota Democratic-Farmer-Labor Party representative Erin Koegel aims to prohibit the placement and operation of cryptocurrency ATMs across the state. According to ChainCatcher, the proposal follows reports from local law enforcement about multiple scams targeting elderly individuals, some of whom have faced severe financial difficulties as a result. The Minnesota Department of Commerce has expressed strong support for the bill and plans to introduce broader consumer protection proposals in the coming days. Currently, Minnesota hosts approximately 350 cryptocurrency ATMs operated by 8 to 10 companies. Last year, the state received 70 complaints related to these machines, with reported losses totaling $540,000. The proposed legislation seeks to repeal the existing regulatory framework established in 2024, which includes disclosure requirements and transaction limits.