ChainCatcher News: Minnesota Democratic Farmer-Labor Party Representative Erin Koegel recently introduced Bill HF 3642, which aims to ban the placement and operation of cryptocurrency kiosks statewide. The proposal stems from multiple scam reports 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 propose broader consumer protection measures in the coming days.
Reportedly, Minnesota currently has about 350 cryptocurrency ATMs operated by 8 to 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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Senator Cramer Urges CLARITY Act Markup Before Easter
Senator Kevin Cramer urged Congress to expedite the CLARITY Act before Easter to prevent delays, addressing concerns around stablecoin rewards and banking. Legislative setbacks are influencing market sentiment and crypto regulation expectations.
CryptoFrontNews55m ago
Lawmakers Eye Clarity Act Talks at DC Crypto Summit
The DC Blockchain Summit will feature discussions on the Clarity Act and stablecoin yield rules. Lawmakers are negotiating to potentially ban idle balance yields while permitting transaction-based rewards, aiming for a resolution soon.
CryptoFrontNews1h ago
'NOT a Security,' Shiba Inu Exec Declares as SHIB Gains SEC Clarity - U.Today
Shiba Inu (SHIB) has been declared a nonsecurity asset by the SEC, reclassified as a digital commodity alongside major cryptocurrencies. This regulatory clarity boosts confidence and mainstream appeal, potentially attracting more investors.
UToday1h ago
CFTC Clears Path for Phantom to Bridge Crypto Wallets and Derivatives - Unchained
The CFTC's decision allows Phantom to connect users to regulated derivatives markets without registering as a broker, viewing it as a passive interface. This sets a precedent for non-custodial wallets, though it comes with compliance requirements and does not cover all crypto derivatives.
UnchainedCrypto1h ago
Senator Lummis: The Clarity Act will be completed by the end of the year, with review expected in the latter half of April.
Gate News, on March 18, according to crypto journalist Eleanor Terrett's report, Senator Lummis stated that the Clarity Act (cryptocurrency regulatory bill) will be completed by the end of the year no matter what. She also indicated that the banking committee is expected to review the bill in the second half of April, after the Easter holiday.
GateNews1h ago
Canadian Financial Regulator Revokes Registration of 23 Cryptocurrency Companies
Gate News reported that on March 18, Canada's Financial Transactions and Reports Analysis Centre (FINTRAC, Canada's financial intelligence unit) took concentrated enforcement action against 23 Money Services Businesses (MSBs) providing cryptocurrency-related services, revoking all their registration status at once, marking a further escalation of Canada's anti-money laundering regulatory efforts. The reasons for revocation of registration status include: failure to respond to information requests in a timely manner, non-compliance with registration eligibility conditions, and failure to update relevant records promptly and other compliance violations.
GateNews2h ago
