NJ S2141

Prohibits any business entity from owning, controlling, installing, managing, selling, or offering for sale cryptocurrency ATMs in New Jersey

Defines cryptocurrency ATMs as physical, internet-connected kiosks that allow users to buy, sell, send, or receive cryptocurrency using debit cards, credit cards, or cash

Violations constitute unlawful practices under the consumer fraud act, punishable by up to $10,000 for first offenses and up to $20,000 for subsequent offenses, plus potential cease and desist orders and treble damages

Cites Federal Trade Commission data showing fraud losses from crypto ATMs surged nearly tenfold since 2020 to over $110 million in 2023, with individuals aged 60 and older three times more likely to report losses

Takes effect six months after enactment, with the Division of Consumer Affairs authorized to promulgate implementing regulations