Stillwater, we have a problem. Crypto scams are endemic right now, and they’re preying on our vulnerable neighbors. I get it. In that context, the figure of $213,000 is shocking. When I read about the 75-year-old woman whose life savings was nearly taken from her, my mama bear instinct gets triggered. It makes you want to do something. But now and then, the quickest fix isn’t necessarily the right fix. But in this instance, Stillwater’s ban on crypto ATMs seems like taking a bazooka to fly-swatting.

Banning Isn't Always The Answer

The immediate, knee-jerk reaction is to close everything down. Protect everyone! But is that really the best way to do it? We now operate in a world of creative destruction, where change is occurring at the pace of a thunderbolt. Considering the impact of banning crypto ATMs is like attempting to ward off the tide with a sandcastle. For one, it’s a short-term salve that avoids addressing the root causes – particularly the transit funding needs – and at worst, penalizes the wrong parties. It's an overreach.

Think about it this way: we don't ban cars because people sometimes drive drunk. We don’t shut down the internet in response to online fraud. Instead, we pass laws, publicize enforcement of the laws, and educate people on how to use it safely. So why are we subjecting crypto ATMs to such different treatment?

Financial Inclusion Lost Opportunity

As complicated and speculative as the world of cryptocurrency can be, it presents a genuine opportunity for financial inclusion. Similarly, for people who are unbanked or underbanked by traditional financial systems, crypto ATMs can provide a crucial service. They open the door to a digital economy that’s rapidly defining our future. Closing these access points disproportionately impacts those who are most in need of them.

It’s easy to paint all crypto users with the same brush, to associate them with shady dealings and illicit activities. That's simply not true. Many people use crypto for legitimate purposes: sending remittances, investing in the future, or simply participating in a new and innovative financial system.

By banning crypto ATMs, Stillwater is essentially saying, "We don't trust you to make your own financial decisions." It’s a deeply paternalistic approach that strips millions of Americans of their individual autonomy and quashes economic opportunity. It’s akin to saying that you shouldn’t teach someone how to swim because they may drown. Instead, we need to be teaching them how to swim in this new reality effectively.

Education Beats Suffocation

Rather than moving toward an outright ban, Stillwater should be a leader in education and smart regulation. Look at Forest Lake. They’re not sticking their heads in the sand. They’re requiring all riders to register in advance, with a $2,000 payment and police pre-registration confirmation. That’s a common sense strategy designed to protect our communities while still providing a space for legitimate businesses to thrive.

Instead, why not collaborate with Athena Bitcoin and other public and private stakeholders to form a holistic approach? Let’s build awareness and educational programs that will help people learn to identify scams. We’ll teach them how to use crypto ATMs properly, safely, and securely maintain their digital assets. We need to work with ATM operators to require stronger verification processes. Let’s focus on those outrageous fees the City Attorney mentioned.

Rather than continue to criminalize crypto ATMs, it’s time to recognize the opportunity. A chance to inform our democracy, to promote equity and financial inclusion, and to create a more creative and dynamic economy. Let's learn from Forest Lake. Let's work with Athena Bitcoin. Let's choose education and regulation over suffocation.

  • Mandatory warnings: Clear, prominent warnings displayed at the ATM about common crypto scams.
  • Transaction limits: Limits on the amount of money that can be deposited or withdrawn in a single transaction.
  • Enhanced verification: Requiring users to provide additional identification to verify their identity.
  • Public awareness campaigns: Educating the public about the risks of crypto scams and how to protect themselves.

This is not only not about crypto ATMs, it’s a question of our values. Do we believe in empowering individuals to make informed decisions, or do we prefer to control their choices through blanket bans? Are we daring, or are we scared? How these questions are answered will largely determine what Stillwater’s future will be. Let's make sure we get it right.

Importantly, we should not just use this ban to congratulate ourselves and pat each other on the back. Let's turn this setback into an opportunity. Let’s send a message to the country that Stillwater is a community that embraces personal liberty and personal accountability. It’s time to repeal the ban and get to collaborating on a smarter, safer, more connected transportation future.

Let's use this ban as a wake-up call. Let's turn this setback into an opportunity. Let's show the world that Stillwater is a community that values both freedom and responsibility. Let's repeal the ban and start working together to build a better future.