Minnesota has proposed a bill to ban cryptocurrency ATMs in response to scams targeting the elderly.

Minnesota Democratic-Worker Representative Erin Koegel recently introduced Bill HF 3642, which aims to ban the placement and operation of cryptocurrency kiosks statewide. The proposal stems from numerous reports by local law enforcement of scams targeting the elderly, some of whom have faced severe financial hardship as a result. The Minnesota Department of Commerce expressed "strong support" for the bill and plans to introduce broader consumer protection proposals in the coming days. It is reported that there are approximately 350 cryptocurrency kiosks operated by 8-10 companies in Minnesota. Last year, the state received 70 related complaints, reporting total losses of $540,000. The bill would repeal the current regulatory framework established in 2024, including provisions on disclosure requirements and transaction limits.