Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Crypto Atm Ban topic
No spam. Unsubscribe anytime.
Representative presents bill to ban cryptocurrency ATMs, citing scams targeting seniors
Summary
A committee sponsor told the Banking & Consumer Affairs subcommittee that HB 2505 would make it illegal to install or operate cryptocurrency ATMs in Tennessee, citing an Iowa attorney general investigation alleging widespread fraud; the committee voted 5–0 to send the bill to the Commerce Committee.
A committee sponsor presented House Bill 2505 and said the measure would prohibit installing, operating or allowing the use of cryptocurrency ATMs in Tennessee.
"Crypto ATM's are very often used in scams, especially ones that target seniors in our state," the sponsor said, citing an attorney general study in Iowa that, according to the sponsor, showed high rates of fraud. The presenter said the kiosks allow "fast, hard to trace transfers on money," and that the investigation found hundreds of Iowans sent more than $20,000,000 through two large ATM operators in under three years.
Committee members moved directly to a vote. The clerk recorded 5 ayes and 0 noes; the chair announced HB 2505 will move to the Commerce Committee.
