Minnesota proposes bill to ban cryptocurrency ATMs in response to scams targeting the elderly

2026-02-27 10:41:06

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Deep Tide TechFlow News, February 27 — According to The Block, Erin Koegel, a Democratic Farmer-Labor representative from Minnesota, recently introduced Bill HF 3642, which aims to ban the placement and operation of cryptocurrency kiosks statewide. The proposal stems from multiple reports by local law enforcement of scams targeting seniors, 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 measures in the coming days.

Reportedly, Minnesota currently has about 350 cryptocurrency ATMs operated by 8-10 companies. Last year, the state received 70 related complaints, with reported losses totaling $540,000. The bill would repeal the existing regulatory framework established in 2024, including disclosure requirements and transaction limits.

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