The Financial Innovation and Technology for the 21st Century (FIT 21) Act is being supported by the Club for Growth, which is urging all Representatives to vote in favor of this legislation. This vote will be reflected in the Club for Growth Foundation’s 2024 congressional scorecard. The Act is aimed at promoting the emergence of digital assets in the United States, which is seen as a historic opportunity for economic growth and innovation.
Cryptocurrencies, enabled by blockchain technology, are providing benefits such as streamlined financial transactions, a store of value in times of inflation, increased access to banking services for entrepreneurs, and job creation in rural areas through mining operations. Despite these benefits, the industry is facing threats from arbitrary and illegal regulatory actions by the Securities and Exchange Commission (SEC). The SEC’s regulations are hindering the growth of the industry and preventing Americans from benefiting from this emerging market.
The FIT 21 Act aims to address these regulatory challenges by placing limits on the SEC’s authority and ensuring that decentralized digital assets are not classified as securities. This clarity would provide certainty for investors and help the digital asset industry to thrive within the United States, rather than being forced to operate overseas. The Act also serves as a mechanism for the legislature to check and balance the executive branch.
The Club for Growth believes that this legislation is crucial for promoting pro-growth policies that will benefit American consumers, businesses, and investors. By supporting this bill, representatives can help free digital assets from excessive regulation and promote growth and innovation in an emerging market that has tremendous potential to drive economic growth in America.
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