Push to ban cryptocurrency kiosks in Minnesota
A plan to ban cryptocurrency kiosks in Minnesota has passed in the Senate following an influx of scams across the state.
The legislation, authored by Sen. Amanda Hemmingsen-Jaeger (DFL-Woodbury), focuses on preventing fraud and scams, especially among older and vulnerable Minnesotans.
“Today, we took a great step forward to enhance consumer fraud protection in Minnesota,” Hemmingsen-Jaeger said. “Cryptocurrency scams have targeted some of our most vulnerable neighbors who have lost tens of thousands of dollars. In an instant, that money is gone with very little chance of recovery.”
These kiosks allow people to buy digital currency with cash or debit cards.
Right now, Minnesota has 350 licensed kiosks, which are operated by eight to 10 separate companies.
According to an FBI report from 2024, people aged 60 or older are most at risk for these scams, with over $100 million in reported thefts. The report also shows a year-by-year increase in thefts.
The bill, Senate File 3868, passed the Senate on Thursday by a vote of 57-10 and now heads to the House.
