Tennessee Governor Bill Lee signed Senate Bill 2251 on June 30, 2024, outlawing the installation, operation, and hosting of cryptocurrency ATMs statewide. The law takes effect on July 1, making Tennessee the second U.S. jurisdiction to ban virtual‑currency kiosks. Lawmakers say the measure targets fraud schemes that have ensnared vulnerable investors, especially seniors.
Legislative Framework
Senate Bill 2251 defines a virtual‑currency kiosk as an electronic terminal that lets users swap cash, bank credit, or other digital assets for crypto. The statute also expands liability to owners, managers, operators, and property owners who knowingly permit the devices on their premises. By codifying these definitions, the legislation creates a clear legal basis for enforcement.
Enforcement and Penalties
Effective July