Growth Club called out today to add his voice. to support CLARITY Actcrypto market infrastructure legislation that will outline the regulatory ecosystem for digital assets and also encourage innovation the entire financial services industry. Legislation remains on the shelf Senate Banking Committee Members seek a compromise between various industry interests.
Founded in 1999, Club for Growth is a nonprofit organization focused on economic policies that support free enterprise and market economies. Signed by the President of the Growth Club David McIntoshThe letter states that the United States is lagging behind in digital asset innovation, largely due to regulatory uncertainty.
Describing the CLARITY Act as a necessary course correction, the group supports the following policies:
- Ensuring clear jurisdictions between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and ensuring that digital assets are regulated based on their fundamental economic characteristics rather than arbitrary theories of application.
- Promoting market-based innovation and competition that prevents established incumbents from taking advantage of regulatory uncertainty to suppress new entrants.
- Providing developers, intermediaries and users with legal certainty that allows responsible actors to operate within a predictable framework rather than managing changing application risks.
- To reject regulation through enforcement, to restore the proper role of Congress in setting policy and the proper role of agencies in faithfully implementing the law.
The letter does not address the key issue of stablecoin yield, which is the biggest hurdle to a deal as legacy banks fear additional competition from the digital asset industry.
The letter requests that the Senate Banking Committee prioritize approval of the legislation:
“Further delays in determining this important legislation risk prolonging uncertainty and ceding further ground to foreign jurisdictions moving aggressively to attract digital asset innovations with clearer frameworks. The Senate Banking Committee should seize this moment to provide leadership with urgency, thoughtfulness, and courage.”
