Frontier Institute Statement in Support of the Financial Freedom and Innovation Act
Legislation will ensure Montanans are free to use crypto
HELENA – Today, the Frontier Institute offered support for SB 265, the Financial Freedom and Innovation Act, a bill that follows Frontier Institute’s recommendations to protect Montanans’ ability to use cryptocurrency free from excessive government interference and position Montana as a global destination for crypto entrepreneurs.
“SB 265 will empower Montanans with more freedom and independence, attract high-skill, high-wage industries once limited to traditional financial and tech hubs, and help to stabilize the grid and drive demand for Montana energy,” said Tanner Avery, Policy Director at Frontier Institute. “By fostering a regulatory environment that prioritizes innovation and individual freedom, SB 265 positions Montana as a national leader in the digital economy.”
The Financial Freedom and Innovation Act achieves four key goals:
- Bans Central Bank Digital Currencies: Prohibits the use or testing of CBDCs by the government, protecting Montanans from intrusive government control.
- Protects Self-Custody: Ensures individuals and businesses can securely hold digital assets using self-hosted wallets.
- Protects Staking: Supports crypto staking activities by clarifying they are not subject to state securities laws.
- Establishes a Regulatory Structure for Network Tokens: Clarifies the laws surrounding network tokens and reduces legal ambiguities for crypto-based businesses.
Frontier Institute has promoted extensive research outlining the benefits of making Montana an inviting place for crypto entrepreneurs and their innovations, including:
- Driving Energy Demand. Promoting Crypto mining in Montana can drive demand for baseload power, which in turn helps keep critical reliable energy infrastructure operational and economically viable.
- Stabilizing the Power Grid. Crypto mining can play a crucial role in stabilizing the energy grid by providing a flexible load that utilities can manage to maintain grid stability.
- Decentralizing High Skill, High Wage Industries. As Crypto continues to disrupt and decentralize sectors, it opens the door for high-skill, high-wage industries to thrive in states far from the traditional financial and tech hubs, like Montana.
Promoting More Freedom and Independence. Crypto empowers Montanans by providing a free-market alternative to centralized systems, reducing reliance on federal control, enabling censorship-free transactions, and fostering individual autonomy through direct, secure, and efficient financial interactions.