North Carolinians should thank Rep. Patrick McHenry for his leadership on legislation that will keep North Carolina a leader in innovation while protecting the blockchain and digital assets industry.

Our current regulatory laws are ineffective in the rapidly changing digital world, which includes blockchain, digital assets, and cryptocurrencies. This industry has the potential to modernize our financial system and improve access to financial tools for all Americans, regardless of background or location.

While the industry is transforming our country's economy, it needs clear regulation to avoid good-paying jobs being sent overseas. It's time for policymakers to focus on bringing financial security to Americans and creating smart regulations to keep consumers safe.

I'm proud Rep. McHenry is leading the charge and recognizes digital assets and blockchain's critical role in our economy's future and the next generation of jobs. Rep. McHenry and Rep. Glenn Thompson introduced a bill providing the following framework to the digital assets and blockchain industry:

Provides clarity to the blockchain and crypto industry, ensuring companies can grow and thrive in the United States and not overseas.

Ensures strong consumer protection and punish bad actors.

Gives powers back to innovators and consumers and away from out-of-control D.C. bureaucrats with an agenda.

Allows traditionally unbanked and underserved communities to access capital through crypto markets, allowing them to save and earn for their future.

Innovation and federal regulation can go hand in hand. Digital innovation has sparked entrepreneurship and developed new business models across the country. Rep. McHenry has showcased outstanding leadership.

I am hopeful that the entire North Carolina Republican delegation in the U.S. House and the U.S. Senate will follow McHenry’s lead.

Last month, North Carolina was named America's top state for business by CNBC for the second consecutive year. In order to maintain that title, we need to ensure we are keeping up with the times, which means creating an innovative regulatory framework to allow companies pursuing innovation to come here.

It's time policymakers see the future. I’m supportive and proud that Rep. McHenry is from North Carolina.

Billy Sewell is a past President of the NC Hospitality and Lodging Association.