NASHVILLE, Tenn. (WTVF) — Bitcoin machines you may see at your neighborhood gas station or grocery store are now illegal in Tennessee. The ban, which took effect July 1, can now move forward after a federal court rejected an effort by the crypto ATM industry to block the new law.
The law makes it a Class A misdemeanor to install or operate a virtual currency kiosk anywhere in Tennessee.
“Cryptocurrency ATMs have become a popular tool for scammers to trick consumers into sending money they can’t recover,” said Tenn. Attorney General Jonathan Skrmetti on X.
https://x.com/AGTennessee/status/2074529791340933349?s=20
Two crypto companies argued the ban would hurt their businesses, but the judge ruled that the public interest in stopping fraud outweighs those business losses. The court also said the companies failed to prove they would win their case. State leaders say the ban is crucial to stop fraudsters from taking advantage of vulnerable people.
This legal battle is not over yet. The lawsuit will continue in federal court, but the ban will remain in effect as things play out. If you think a scammer targeted you or a loved one, you can file a complaint online at tn.gov/consumer.
Do you have more information about this story? You can email me at Tony.sloan@newschannel5.com
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