St. Paul weighs crypto ATM crackdown

Stunning stats: In 2024, the FBI says crypto ATMs were involved in nearly 11,000 cases of alleged fraud — twice as many as the previous year.

• Victims rarely recover much of their lost money, which reportedly totaled north of $246 million nationwide.

State of play: St. Paul is one of a handful of metro cities considering regulations on crypto ATMs after Stillwater banned the devices last year.

• ATM company Bitcoin Depot responded with a lawsuit arguing that Stillwater's rules don't trump a state law allowing the devices.

What they're saying: City Council President Rebecca Noecker told Axios that St. Paul's attorneys are confident their proposed ban would prevail if challenged.

• "This is fully within our police powers," Noecker said. "It's licensing business activity within the city."

What's next: The council will hold a hearing on its proposal Wednesday afternoon.

Go deeper: Minnesota cities target crypto ATMs