Minnesota Proposes Ban on Crypto ATMs to Protect Seniors from Scams

Background and Bill Details

Minnesota Representative Erin Koegel recently introduced Bill HF 3642, aiming to completely ban the deployment and operation of crypto ATMs across the state. This move addresses a surge in scams targeting elderly citizens.

The Minnesota Department of Commerce has voiced strong support for the bill and plans to introduce broader consumer protection measures in the coming days.

• About 350 crypto ATMs currently operate in the state.
• Last year, 70 related complaints were filed, with losses totaling $540,000.
• The proposed law would overturn the existing regulatory framework established in 2024, including disclosure requirements and transaction limits.

Impact on the Industry

If passed, the bill would directly affect the operations of 8-10 companies managing crypto ATMs, signaling increased scrutiny of crypto-related risks in the state.