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Finance Committee reviews bylaw proposal to ban cryptocurrency ATMs in Maynard
Summary
The committee reviewed a bylaw (sponsored by the bylaw committee) that would ban cryptocurrency ATMs in town; members voiced support and cited a Massachusetts Attorney General study they said linked many ATM transactions to fraud.
Chair Jillian Prendergast described a bylaw draft from the bylaw committee that would prohibit cryptocurrency ATMs in Maynard but would not restrict purchase, ownership, or brokered trading of digital currencies. "It would just ban cryptocurrency ATMs," Prendergast said, explaining the measure targets on‑the‑street ATM machines and not trading platforms.
One committee member expressed full support and cited a study they said the Massachusetts attorney general conducted: "My wife works in kind of the area of consumer protection stuff, and the mass AG did a study, and 80% of the transactions at crypto ATMs were in furtherance of fraud," the member said. Members noted the bylaw committee sponsored the article and that the Select Board will consider it at its upcoming meeting; a committee member volunteered to draft the Finance Committee’s comment if needed.
Committee members stressed the distinction between banning ATMs and banning cryptocurrency more broadly and asked staff to confirm enforcement language and penalties in the final draft.
