BlockBeats news, on February 27, according to The Block, Minnesota Democratic-Farmer-Labor Representative Erin Koegel recently introduced Bill HF 3642, aiming to ban the placement and operation of cryptocurrency ATMs across the state. The proposal stems from multiple fraud cases reported by local law enforcement targeting elderly individuals, some of whom have faced severe financial hardship as a result.
The Minnesota Department of Commerce stated it "strongly supports" the bill and plans to introduce broader consumer protection proposals in the coming days. According to reports, Minnesota currently has approximately 350 cryptocurrency ATMs operated by 8 to 10 companies. Last year, the state received 70 related complaints, reporting total losses of $540,000. The bill would repeal the existing regulatory framework established in 2024, including provisions such as disclosure requirements and transaction limits.