Cryptocurrency is a disaster for Montana

11 June 2023

in Mining

Reading Time: 2 mins read

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Montana State Sens. Shane Morigeau and Daniel Zolnikov will regret their SB 178, which promotes cryptocurrency mining in Montana. They ignore the truth: cryptocurrency is a disaster. It wastes huge quantities of electricity and the resources that produce it. It makes economies less stable. It ties up courts and government agencies in bankruptcies and legal suits. And, why? Cryptocurrency does create jobs, yes, for a lot of crooks and cops and lawyers. And, lobbyists, some retired Congressional leaders.

Crypto crooks are in our daily news, but for a running look at the action, browse Molly White’s “White Letter.” She has testified in hearings and appeared on international panels, all because she publishes the flood of court cases and the stunning number of thefts and “rug-pulls” that occur every week. I never knew that there are so many crooks.

Instead of inviting more crooks to Montana, Morigeau and Zolnikov should instead sponsor legislation to require that tribes who sell “green power” from hydro dams to cryptos get paid in U.S. dollars.

The only thing they got right is that: “The U.S. Congress should use Montana’s legislation as a model and pass a Federal digital asset protection law.” Yes, require that cryptocurrencies be backed by U.S. dollars, and in open markets where the media can show us what they are really worth.

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