Congress Must Act to Secure U.S. Leadership in Digital Innovation
The next great technological revolution is unfolding, and the United States is at risk of being left behind. While countries like Singapore, the UAE, Switzerland, Hong Kong, and Germany are aggressively courting blockchain innovators with clear policies and investment incentives, the U.S. is bogged down in regulatory uncertainty.
Blockchain technology is poised to become one of the most transformative technologies of the internet era, reshaping industries and driving economic growth. Sixty-five million Americans already own or use cryptocurrency, which is far more than digital money; it has the potential to revolutionize finance, security, and data management. The question is: Will the U.S. embrace this shift or allow other nations to dictate the future?
Momentum is building. With a more crypto-friendly Congress and a White House actively supporting digital assets, the opportunity to advance U.S. policy has never been stronger. A newly established federal cryptocurrency workgroup was recently tasked with shaping the nation’s digital asset strategy, but Congress must act decisively to provide the regulatory clarity essential for businesses to innovate and thrive.
Reintroducing and passing a revised Financial Innovation and Technology for the 21st Century Act (FIT21) is a crucial step. This bipartisan bill, which previously passed the U.S. House but stalled in the Senate, would create a clear regulatory framework for digital assets, balancing innovation with strong consumer protections. FIT21 clarifies the jurisdiction of the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), eliminating regulatory uncertainty that stifles technological advancement and economic growth.
By setting clear rules, this legislation would encourage responsible innovation and keep blockchain startups and high-tech jobs in the U.S. instead of driving them overseas. Enacting FIT21 is key to securing America’s leadership in financial technology and ensuring businesses can thrive at home. A well-defined framework wouldn’t just provide clarity; it would lay the foundation for a more efficient, transparent, and resilient financial system.
The state of Michigan is already investing in blockchain’s future, but without federal support, their progress is at risk. The Michigan Retirement System recently invested more than $6 million in Bitcoin, recognizing its long-term value as a scarce asset resilient to inflationary policies. Bipartisan state legislation was introduced to expand cryptocurrency investment opportunities and allow Bitcoin mining at industrially zoned properties. These are steps in the right direction, but without federal action, states will be left patching together a fragmented approach.
Michigan’s congressional delegation has a rare opportunity to lead. This is not a partisan issue; it’s an economic and technological one. I urge them to actively engage with top leaders in emerging technology to deepen their understanding of digital assets and the opportunities they present for our economy.
The future of the digital economy is being written now, and America must decide whether to lead or be left behind. Congress has a choice: enact the policies that will keep innovation, talent, and investment in the U.S., or allow our competitors to seize the opportunities of tomorrow.
