State Auditor Talks Montana Crypto Pioneering
A strong tech sector has put Montana on the crypto pulse, says state auditor
MILWAUKEE, July 16, 2024 – Troy Downing, Montana’s state auditor who is running for the U.S. House of Representatives, credited Montana’s leading role in cryptocurrency legislation to the surge in investment in the state's tech sector.
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“We’ve got money coming into the state to fund talent… I think that’s been a real driver in Montana,” said Downing, a tech industry veteran, during a visit to the Republican National Convention in Milwaukee.
Montana has been one state at the forefront of crypto-friendly legislation. Last May, Montana passed a law that enshrined an individual right to mine crypto, as well as prevented taxation on crypto when used as a method of payment.
Downing said Montana’s pulse on crypto and early passage of legislation were downstream from the state's strong tech sector. Downing said Montana has fostered a tech-friendly environment, bolstered by strong universities, that has made the state fertile ground for venture money investment.
That talent investment has been pipelined into strong legislative work from Republican Sen. Steve Daines and Gov. Greg Gianforte and other policymakers, according to Downing.
Downing, who sold his web calendar company to Yahoo decades ago, recently won the primary for Montana’s second Congressional district as the Republican nominee. Downing will face off against Democratic nominee John Driscoll in the Nov. 5 general election.
If elected, Downing said he would work to continue pushing Montana's position at the forefront of the evolving industry.
“What I see is opportunity. If we’re not innovating here, someone is going to leave us in the dust,” said Downing.
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Although advocating to unlock crypto’s potential, Downing also recognized the necessity of restrictions to prevent consumer exploitation by bad actors.
As state auditor, Downing said he dealt with the ramifications of the FTX lawsuit, the crypto exchange company that stole billions of dollars from customers.
Aware of both the threats and benefits, Downing said it is important to build a regulatory framework that protects consumers while allowing innovation.
