Key Vote Alert – “YES ” on the Financial Innovation and Technology for the 21st Century (FIT 21) Act

  |  

The Club for Growth urges all Representatives to vote YES on the Financial Innovation and Technology for the 21st Century (FIT 21) Act. The results of this vote will be included in the Club for Growth Foundation’s 2024 congressional scorecard.

The emergence of digital assets presents a unique and historic opportunity for the United States. Cryptocurrencies, made possible by the emergence of blockchain technology, are fostering economic growth and innovation by streamlining financial transactions, providing an important store of value for Americans dealing with higher prices, stimulating entrepreneurship through expanded access to banking services, and revitalizing rural America with new jobs and investment through mining operations. Simply put, digital assets are the latest example of the free market creating opportunities and making life better for all Americans regardless of income or background.

Unfortunately, this triumph of American innovation and capitalism is threatened by arbitrary and illegal regulatory actions designed to crush this emerging industry. Despite mounting losses in the courts and bipartisan rebuke in both houses of Congress, the Securities and Exchange Commission (SEC) remains committed to making it impossible for this industry to grow and benefit the American people. The current status quo is one of unrestricted and unaccountable regulatory fiat and is incompatible with free markets and limited government.

By providing a framework that would rein in the SEC, FIT 21 serves as a necessary deregulatory measure. Importantly, it would ensure that decentralized digital assets are not regulated as securities. This clarity will provide necessary certainty to investors and ensure that the digital asset industry grows in the United States and is not forced overseas. At the same time, it would serve as a needed check and balance from the legislature on the executive. Club for Growth urges representatives to free digital assets from unaccountable regulation by supporting this legislation.

Club for Growth Foundation’s Congressional Scorecard for the 118th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to the public.