Dear Friend, 

Last week, the House Financial Services Committee held multiple hearings on the overwhelming number of environmental, social, and governance (ESG) policies that have seeped into our financial markets.

Unfortunately, over the past few years, a concerning trend has emerged in the Biden Administration’s approach to regulating our financial markets, particularly at the Securities and Exchange Commission (SEC). Instead of focusing on its mission and working to bolster American capital markets, the SEC has diverted its attention towards non-material environmental, social, and governance issues that harm everyday investors.

These politically motivated regulations have led to increased costs and burdens for retail investors, discouraged private companies from going public, and hindered the competitiveness of American companies. By fighting back against the Biden Administration’s woke ESG policies, we are standing up for the financial interests of everyday investors from the destructive influence of this new movement.

As Bidenomics and skyrocketing inflation continue to wreak havoc on American families, we want to assure you that we are doing everything in our power to fight back against those who seek to attack Americans’ financial freedom and security.

Last week, U.S. District Judge Analisa Torres ruled that Ripple Labs Inc. did not violate federal securities law by selling its XRP token on public exchanges.

On its face, this may seem like a one-off ruling only benefitting one organization, but that could not be further from the truth. This decision is a monumental development in establishing that a token is separate and distinct from an investment contract it may or may not be a part of.

This ruling provided much-needed clarity for the cryptocurrency industry, which has been plagued by regulatory uncertainty and confusion. Now, we must cement this decision into law by passing our Securities Clarity Act.

Entrepreneurs need to be able to accurately calculate risk to create new investment opportunities and strengthen our economy. As long as we lack a clear definition under the law for what is a commodity and what is a security, American innovation will suffer. Our Securities Clarity Act will help provide these answers and allow American investors to fully participate in this exciting industry without sacrificing consumer protections.

As we work to strengthen American capital markets and improve conditions for retail investors, we will continue our fight against the Biden Administration’s politically motivated regulations. By doing so, we will ensure that American markets remain the envy of the world, enabling American companies and investors to thrive.

Sincerely,