Tech
State Auditor Speaks Out About Montana Cryptocurrency Pioneer
A strong tech sector has put Montana on the crest of the cryptocurrency wave, state auditor says
Photo by Montana State Auditor Troy Downing, taken from his Facebook page
MILWAUKEE, July 16, 2024 – Troy coming downMontana state auditor running for the U.S. House of Representatives has attributed Montana’s leadership in cryptocurrency legislation to increased investment in the state’s tech sector.
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“We have money coming into the state to fund talent… I think that’s been a real driver in Montana,” Downing, a tech veteran, said during a visit to the Republican National Convention in Milwaukee.
Montana has been one of the states at the forefront of crypto-friendly legislation. Last May, Montana passed a law that established the individual right to mine cryptocurrency, as well as preventing taxation of cryptocurrency when used as a method of payment.
Downing said Montana’s pulse on cryptocurrency and early passage of legislation was down to 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 capital investment.
This investment of talent has been channeled into strong legislative work by the Republican senator. Steve Daines and the governor Greg Gianforte and other policy makers, according to Downing.
Downing, who sold his Web calendar company to Yahoo decades ago, recently won the primary for Montana’s 2nd Congressional District as a Republican candidate. Downing will face the Democratic candidate John D’Amico in the general elections on November 5.
Downing said that if elected, he will work to continue strengthening Montana’s position at the forefront of an ever-evolving industry.
“What I see is an opportunity. If we don’t innovate here, someone will leave us behind,” Downing said.
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While supporting the exploitation of cryptocurrency’s potential, Downing also acknowledged the need for restrictions to prevent consumers from being exploited by bad actors.
As state auditor, Downing said he was dealing with the fallout from the lawsuit against FTX, the cryptocurrency exchange that stole billions of dollars from customers.
Aware of both the threats and the benefits, Downing said it was important to create a regulatory framework that protects consumers while enabling innovation.