Crypto ATM Ban Moves to Conference Committee

A proposal to ban cryptocurrency ATMs in Massachusetts remains alive as part of the state's economic development bill. The measure, strongly supported by AARP Massachusetts, was included in the version of the bill passed by the Senate, but not in the version approved by the House. The issue will now be decided by a House-Senate conference committee as lawmakers work to reconcile differences between the two bills.

AARP is urging the conference committee to retain the Senate language banning cryptocurrency kiosks. The FBI estimates nearly $7 million a year, or about $19,000 a day, is lost by Massachusetts residents through crypto ATM scams and fraud.

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The proposal is backed by law enforcement officials across the state, as well as the Massachusetts Bankers Association. Both The Boston Globe editorial board and The Lowell Sun editorial board have endorsed banning cryptocurrency ATMs, arguing that the machines have become a favored tool of scammers targeting consumers, particularly older adults.

Attention now turns to the conference committee, where six lawmakers have been tasked with negotiating a final economic development bill. The committee includes House Ways and Means Chair Aaron Michlewitz, House Economic Development Committee Chair Carole Fiola, and House Economic Development Committee Ranking Member Michael Soter. Representing the Senate are Senate Ways and Means Chair Michael Rodrigues, Senate Economic Development Committee Chair Barry Finegold, and Senate Economic Development Committee Ranking Member Peter Durant. The committee will determine whether the cryptocurrency ATM ban is included in the bill that ultimately returns to both chambers for a final vote.

This year also marks a significant change in the way the Massachusetts Legislature handles major bills. In previous sessions, conference committees generally needed to complete their work by the end of the formal legislative session. Under new rules, however, bills that have been sent to a conference committee can continue to be negotiated beyond the traditional July 31 deadline and remain under consideration through the end of the year.

As a result, while supporters had hoped for a final decision by the end of July, negotiations over the economic development bill, including the cryptocurrency ATM ban, can now continue in conference committee in the months ahead. For advocates fighting fraud, the proposal remains very much in play as lawmakers work toward a final agreement.