Minnesota State Representative Erin Koegel introduced House File 3642, a bill that could ban crypto kiosks statewide, to the Minnesota House Commerce Finance and Policy Committee. The bill targets scam cases reported by law enforcement; scammers convince citizens to send crypto at kiosks, and transactions are irreversible.
Rep. Erin Koegel speaking on Thursday. Source: Minnesota House of Representatives
Minnesota HF 3642: Targets Full Crypto Kiosk Ban
A law passed in 2024 had introduced a $2,000 deposit limit for new users and mandatory full refunds for scam victims. However, Koegel argues that existing measures are insufficient and proposes a full ban. There are approximately 350 licensed kiosks operated by companies like Bitcoin Depot and Coinflip in the state.
St. Cloud Police: Elderly Population Targeted
St. Cloud Police Department Sergeant Jake Lanz stated that Bitcoin ATMs particularly target the elderly population. Scammers call and insist on urgent money transfers; once BTC detailed analysis transactions are completed at kiosks, losses become permanent.
Company Reactions and BTC Market Developments
Bitcoin Depot has launched a policy requiring identity verification for all transactions. Meanwhile, global BTC news is promising: BTC PERP rose 8.40% from its $62,401 low, turning weekly positive. GD Culture Group (GDC) announced it will use its 7,500 BTC reserve for share buybacks. One of the UAE’s major banks is also increasing its crypto assets.
BTC Technical Analysis: Supports Nearby
Current BTC price 65.460,25 dollars (-1,97% 24h). RSI 37,87 (Oversold), downtrend continues. Strong supports: S1 64.344 dollars (⭐ STRONG, -1,84%), S2 60.000 dollars. Resistances: R1 68.040 dollars (+3,80%). Investors should monitor BTC futures. Altcoins are also under pressure.
- Support Sources: BB Lower, Fibo 0.114, MACD.
- Resistance Sources: Ichimoku, Fibo 0.214.
Source: https://en.coinotag.com/minnesota-bill-to-ban-crypto-kiosks
