U.S. federal court rejects emergency challenge, Tennessee's cryptocurrency ATM ban takes effect

Odaily reports that a U.S. federal court has refused to pause Tennessee's cryptocurrency ATM ban before it takes effect on July 1. Public Chapter 766 will remain enforceable during the ongoing constitutional lawsuit filed by CoinFlip and Private IT Corporation. According to this law, deliberately installing, permitting to place, placing, or operating a virtual currency kiosk in Tennessee constitutes a Class A misdemeanor. Tennessee Attorney General Jonathan Skrmetti stated that cryptocurrency ATMs are tools exploited by scammers to target vulnerable Tennessee residents and are rarely used for purposes close to being legitimate. CoinFlip operates over 5,500 Bitcoin ATMs in 48 U.S. states and several countries, while Private IT Corporation is a small operator that joined the lawsuit after the Tennessee ban threatened its local business.