MT SB265

Prohibits Montana governing authorities from accepting, requiring, or testing central bank digital currency (CBDC) issued by the Federal Reserve or federal agencies

Protects individuals' and businesses' rights to accept digital assets as payment, use self-hosted or hardware wallets, operate blockchain nodes, develop blockchain software, transfer digital assets, and participate in staking

Exempts staking-as-a-service businesses from state securities laws, meaning these services are not considered securities or investment contracts

Creates a securities exemption framework for network token issuers who register with the state securities commissioner, with a $250 million annual sales cap (adjusted for inflation) and required disclosures about token functionality, governance, and risks

Allows foreign corporations that previously issued network tokens to qualify for the exemption by registering in Montana and proving no securities fraud convictions or investigations