Senate panel advances New Jersey crypto ATM ban

New Jersey's Senate panel has advanced a bill to ban cryptocurrency ATMs, citing concerns over fraud and scams associated with these kiosks.

A few days ago, New Jersey lawmakers took a significant step that could change the landscape of cryptocurrency transactions in the state. Have you heard about the proposed ban on crypto ATMs? What Led to the Senate Panel's Decision? On June 5, 2026, the New Jersey Senate Commerce Committee unanimously advanced legislation aimed at banning cryptocurrency ATMs across the state. Senator Paul Moriarty , the bill’s sponsor, argues that these kiosks serve as gateways for fraud and other scams. According to Moriarty, crypto ATMs have “no legitimate purpose — none.” His concerns regarding these kiosks were voiced during a meeting that lasted about an hour, where he pointed to the proliferation of scams facilitated by these machines. Moriarty believes crypto ATMs are not just tools for engaging in cryptocurrency transactions but instead, are often manipulated by scammers and fraudsters. Are Crypto ATMs Really a Hotbed for Fraud? Crypto ATMs are commonly found in public places like bodegas and gas stations. They allow individuals to exchange cash for cryptocurrencies, with the coins then stored in digital wallets. However, these transactions come at a price. Moriarty highlighted alarming statistics from the Internet Crime Complaint Center , which reported approximately 13,400 complaints related to scams involving cryptocurrency ATMs last year. These scams resulted in nationwide losses exceeding $388 million , marking a 58% increase from the previous year. In New Jersey alone, there were 369 reported victims who suffered losses totaling around $18 million . With most victims being individuals over the age of 50, the data suggests that older adults are particularly vulnerable. Moriarty emphasized the emotional and financial devastation that victims experience, often choosing not to report their losses due to embarrassment. What Do Operators of These ATMs Have to Say? While the bill has garnered support from organizations like Consumer Reports and the American Association of Ret