Minnesota Lawmakers Consider Ban on Cryptocurrency ATMs

A proposed ban on cryptocurrency ATMs in Minnesota is gaining traction at the state Capitol. The House Commerce Finance and Policy Committee recently reviewed a bill to prohibit the installation of crypto kiosks, which are often used for illicit activities such as scams.

Lawmakers from both parties have expressed support for the measure, citing concerns over the impact on vulnerable populations, particularly older adults. According to police officials, seniors have lost an estimated $500,000 to cryptocurrency ATM scams in Faribault since 2022, with the average age of victims being 68.

The legislation is sponsored by DFL Rep. Erin Koegel, who emphasized the need for 'good guardrails' to protect Minnesotans from sophisticated scams. A representative from CoinFlip, a nationwide kiosk operator, urged lawmakers to adopt a more measured approach, arguing that an outright ban would push illicit activity to other forms of scam.