Minnesota Rep. Erin Koegel Moves to Ban Crypto Self-Service Terminals (crypto ATM kiosks)
House File 3642 seeks to prohibit cryptocurrency ATMs statewide and repeal 2024 rules, citing fraud targeting seniors and awaiting legislative approval before the May 2026 session ends.
BTC
Fact Check
Multiple independent and credible sources, including the official legislative tracking page for Minnesota House File 3642 and reputable news outlets such as MPR News and CBS Minnesota, consistently identify Representative Erin Koegel as the sponsor or introducer of a bill to ban cryptocurrency self-service terminals (crypto ATM kiosks) in Minnesota. The BillTrack50 page confirms Koegel’s sponsorship directly, establishing the primary legislative record. News reports from both mainstream and industry-specific outlets describe the same measure (HF 3642) as a proposal to prohibit crypto kiosks statewide. There are no major contradictions across sources, and all information aligns regarding Koegel’s role and the bill’s purpose. The consistent corroboration across authoritative and well-sourced references supports a high-confidence conclusion that the statement is accurate.
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Summary
On Feb. 23, 2026, Minnesota lawmakers introduced HF 3642 to ban crypto self-service terminals statewide, repealing the 2024 regulatory framework. The bill, targeting scams that particularly affect seniors, would eliminate roughly 350 licensed kiosks and awaits approval from the House, Senate, and Governor before the legislative session ends in May 2026. The Department of Commerce supports the measure, citing consumer protection concerns, while FBI data recorded over 12,000 Bitcoin ATM complaints and $333.5 million in reported losses in January–November 2025.
Terms & Concepts
- Crypto ATM (crypto self-service terminal): A physical kiosk that enables buying or selling cryptocurrency with cash or cards, providing a fiat-to-crypto access point.
- Bitcoin ATM: A kiosk specifically facilitating the purchase (and sometimes sale) of Bitcoin using cash or debit, often used for quick, in-person transactions.