"House Bill 2505, which passed both chambers without dissent, defines a virtual currency kiosk as any electronic terminal enabling the exchange of virtual currency for money or other currencies. The law applies to all existing machines, requiring their removal by July 1, 2026."
"The FBI's 2025 Internet Crime Report revealed approximately $142 million in reported cryptocurrency scam losses in Tennessee, highlighting the urgency for legislative action against crypto ATMs."
"Kiosks have been identified as a preferred tool for scammers due to the speed and difficulty of tracing transactions, making it nearly impossible for victims to recover their funds."
Governor Bill Lee signed HB 2505 on April 23, 2026, banning all virtual currency kiosks in Tennessee. The law mandates removal or shutdown of these machines by July 1, 2026. The bipartisan support stemmed from the FBI's report of $142 million in crypto scam losses in Tennessee in 2025. The law classifies operating or allowing a kiosk as a Class A misdemeanor, with no exceptions for existing machines. Lawmakers emphasized the role of kiosks in facilitating scams, particularly affecting vulnerable populations like seniors.
Read at news.bitcoin.com
Unable to calculate read time
Collection
[
|
...
]