Key Developments
Minnesota Considers Banning Cryptocurrency Kiosks Due to Scams.
A Minnesota lawmaker proposed a sweeping ban in response to reports of individuals using crypto ATMs to facilitate scams, building upon state restrictions in a 2024 law.
Context
Representative Erin Koegel proposed a total ban on crypto ATMs in Minnesota, building on a 2024 state law that imposed restrictions on kiosk operators.
A Minnesota lawmaker has introduced a bill that could ban virtual currency kiosks across the state after reports of incidents involving crypto-related scams.
In a Thursday session of the Minnesota House of Representatives Commerce Finance and Policy Committee, Representative Erin Koegel said the bill, House File 3642, would address the “novel” and “minimally regulated” technology of crypto kiosks.
Market Implications
Koegel said she had heard from state law enforcement agencies that many scammers used the kiosks to trick residents into sending crypto, while legitimate traders tended to use centralized exchanges.
Traders are likely to focus on follow-through volume, funding behavior, and whether newly tested levels hold through the next high-volatility session.
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