[Minnesota Proposes Bill to Ban Cryptocurrency ATMs to Combat Elderly Scams]

ChainCatcher reports that Minnesota Democratic-Farmer-Labor representative Erin Koegel recently introduced Bill HF 3642, which aims to ban the placement and operation of cryptocurrency automatic teller machine ( kiosks ) statewide. The proposal stems from multiple scam cases targeting the elderly reported by local law enforcement, some of whom 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. According to reports, Minnesota currently has about 350 cryptocurrency ATMs operated by 8-10 companies. Last year, the state received 70 related complaints, reporting total losses of $540,000. The bill will repeal the existing regulatory framework established in 2024, including disclosure requirements and transaction limits.