Delaware, New Jersey advance bills banning crypto ATMs
Lawmakers in Delaware and New Jersey have advanced laws that would completely ban crypto ATMs, a measure that has only been enacted in three US states.
Lawmakers in Delaware and New Jersey have advanced legislation that would completely prohibit cryptocurrency ATMs within their states. The bills represent a significant regulatory move against the growing crypto ATM infrastructure, with both states' legislative bodies pushing forward measures that would ban these machines entirely rather than implementing regulatory frameworks.
Currently, only three US states have enacted complete bans on cryptocurrency ATMs, making Delaware and New Jersey's proposed legislation relatively uncommon among state-level crypto regulations. The machines, which allow users to buy and sell cryptocurrencies with cash, have proliferated across the United States in recent years, with thousands of units deployed nationwide. However, regulators have expressed concerns about their potential use in money laundering, fraud schemes, and other illicit activities.
The proposed bans could significantly impact the cryptocurrency accessibility landscape in both states, potentially forcing residents to rely on online exchanges or travel to neighboring states to access crypto ATM services. For the broader industry, these legislative moves signal a more restrictive approach compared to other states that have opted for licensing and compliance requirements rather than outright prohibitions.
Market observers will be monitoring whether other states follow suit with similar blanket bans or if Delaware and New Jersey will modify their approaches to focus on enhanced regulation rather than complete prohibition.
Source: Cointelegraph
