Recently I attended a Montana Bankers Association reception for legislative candidates. Cryptocurrency fraud was one of the top concerns they raised. Bankers across the political spectrum are watching this problem grow and looking for state lawmakers willing to act.

I am.

What’s happening

Crypto fraud is one of the fastest-growing financial crimes in America, and it reaches every ZIP code. Scammers operate online, which means rural and small-city residents are just as vulnerable as anyone else, and often more so, because they have fewer resources and strong community trust that criminals actively exploit.

The most common schemes right now: fake investment platforms that disappear with your money, “recovery scams” that steal from people who’ve already been victimized, and a particularly cruel long con called “pig butchering,” where scammers build a fake relationship over weeks before introducing a fraudulent investment opportunity. Victims routinely lose tens of thousands of dollars. Seniors are disproportionately targeted.

What Montana can do

This is a state-level issue, and there’s real work to be done in Helena:

• Update Montana’s securities laws to clearly cover digital assets and close loopholes fraudsters currently exploit
• Regulate cryptocurrency kiosks (the ATM-like machines in gas stations and convenience stores) with transaction limits and required fraud warnings
• Strengthen elder financial abuse protections to specifically address crypto fraud
• Resource Montana’s Office of Consumer Protection and Department of Justice to investigate and prosecute these cases
• Fund public awareness partnerships with local banks, credit unions, and senior centers

One more thing

This isn’t about being for or against cryptocurrency. Plenty of Montanans use digital assets legitimately. The goal is the same as it’s always been: require honesty, stop fraud, protect people from criminals.

Our local banks are already on the front lines of this. They shouldn’t have to fight it alone.

If you’ve been affected by a crypto scam or want to talk about how to spot one, I’d love to hear from you at melsforhd39.com, or come find me Saturday mornings at 105 Brewing.

Protecting our neighbors from fraud isn’t a partisan issue. It’s just the right thing to do.