Plot

Going Legit 2023 Movie Cast, OTT, Budget, Box Office, And More

Details

Cast

Crew

---

Going Legit 2023: The Year the Underground Went Mainstream

The year 2023 will be remembered as a pivotal moment for several multi-billion dollar industries that have long operated either in the shadows, on the fringes of regulation, or within legally ambiguous gray areas. Dubbed the year of “Going Legit,” 2023 marked a massive, cross-industry shift toward formal regulation, financial mainstreaming, and—critically—a push for greater worker and consumer protections.

From the $33 billion cannabis market finally seeing a path to federal acceptance to the sprawling gig economy facing a critical reckoning over worker rights, the message was clear: the era of operating on the periphery is drawing to a close.

---

The Cannabis Industry: A Giant Step Toward Federal Legitimacy

For decades, the cannabis industry has been a study in paradox: a booming, multi-billion-dollar legal enterprise in two dozen US states, yet still classified under federal law as a Schedule I substance, the same category as heroin, with “no currently accepted medical use”. The “Going Legit” story of 2023 was the most significant challenge to this half-century-old contradiction.

The single most defining moment was the recommendation from the U.S. Department of Health and Human Services (HHS) to the Drug Enforcement Administration (DEA) in August 2023. The HHS formally recommended that cannabis be rescheduled from Schedule I to Schedule III of the Controlled Substances Act (CSA).

The Three Pillars of Legitimacy

A move to Schedule III—which includes drugs like Tylenol with codeine and anabolic steroids—would immediately solve the two most significant operational and financial challenges facing state-legal cannabis businesses:

• 1. Elimination of IRC Section 280E: Under the current Schedule I status, the infamous Internal Revenue Code (IRC) Section 280E prohibits cannabis-related businesses from deducting normal operating expenses, like rent, salaries, and utility bills. This punitive tax burden has often resulted in effective federal tax rates ranging from 50% to as high as 70% of a company’s net income, crippling profitability and innovation. Rescheduling to Schedule III would immediately end the application of 280E, potentially injecting millions of dollars in capital back into the legal industry.
• 2. Easing of Banking Restrictions: While rescheduling to Schedule III would not provide a complete solution, it would acknowledge a formal medical use, making it less risky for federally insured banks and credit unions to offer basic financial services (checking accounts, loans, credit card processing). Currently, the federal illegality forces a majority of the industry to operate in cash, creating massive public safety hazards and logistical nightmares. The bipartisan SAFER Banking Act continued to move through Congress in 2023, attempting to create a safe harbor for financial institutions to serve the industry.
• 3. State-Level Expansion: On the ground, the march of legalization continued. In 2023, Delaware legalized recreational cannabis in April, and in November, Ohio became the 25th state to approve adult-use marijuana. Kentucky also legalized medical use, further cementing the national trend toward acceptance.

---

The Gig Economy: The Fight for Employee Status

The gig economy—powered by companies like Uber, Lyft, and DoorDash—was built on a business model that classified its workforce as “independent contractors.” This classification afforded workers flexibility but stripped them of fundamental employee protections like minimum wage, overtime pay, and social safety net benefits such as workers’ compensation and unemployment insurance. The “Going Legit” moment here was the aggressive regulatory push to reclassify these workers as employees.

The Federal Economic Reality Test

The pivotal action was the U.S. Department of Labor’s (DOL) push in 2023 to finalize a new rule clarifying the standard for independent contractor classification under the Fair Labor Standards Act (FLSA). The final rule, which was announced in early 2024 but was the subject of intense debate and a proposed rule in 2023, replaced the prior, more employer-friendly standard with a six-factor “Economic Reality Test”.

The new test, which returns to a “totality-of-the-circumstances” approach, makes it significantly harder for companies to misclassify workers by scrutinizing factors that determine a worker’s economic dependence on the employer, including:

• The worker’s opportunity for profit or loss.
• The degree of permanence of the working relationship.
• The extent to which the work is an integral part of the employer’s business.
• The nature and degree of control the company exercises over the work.

This regulatory action served as a clear signal that the federal government was moving to ensure that millions of gig workers receive the rights and benefits they are entitled to, pressuring tech platforms to legitimize their employment practices.

The California Contradiction

The legitimacy debate in the gig economy remains complex, as seen in California. In 2023, the state’s Supreme Court upheld Proposition 22, a 2020 ballot initiative that allowed app-based drivers to remain independent contractors while still providing them with some limited benefits, like healthcare stipends and minimum earnings guarantees. This illustrates the ongoing tension between a company’s desire for flexibility, a worker’s desire for autonomy, and the government’s mandate for protection.

---

Cryptocurrency: The Mainstreaming of Digital Money

For years, the crypto world was branded the “Wild West” of finance, plagued by high-profile scandals, lack of consumer protection, and regulatory uncertainty. In 2023, the “Going Legit” trend in digital assets focused on a single product designed to bridge the gap with traditional finance: the stablecoin.

The PayPal Effect

The most visible move toward legitimacy was the August 2023 launch of PayPal USD (PYUSD). As the first stablecoin introduced by a major U.S. financial giant, PYUSD’s entry was immediately seen as a legitimizing event for the entire sector. The stablecoin is backed by U.S. dollar deposits and U.S. Treasury securities and is issued through a New York State Department of Financial Services (NYDFS)-regulated trust company.

By putting a regulated, fiat-backed digital currency in the hands of its nearly 500 million customers, PayPal’s move signaled a decisive shift from niche technology to mainstream financial infrastructure.

Regulatory Blueprints

Globally, a clear regulatory framework began to crystallize in 2023, giving the industry the clarity it craved.

• US Stablecoin Legislation: The U.S. House Financial Services Committee advanced the Clarity for Payment Stablecoins Act (H.R. 4766), demonstrating bipartisan momentum toward creating a federal licensing and supervision regime for stablecoin issuers.
• Global Standards: The European Union’s landmark Markets in Crypto-Assets (MiCA) regulation was enacted in June 2023, providing a comprehensive, uniform regulatory framework for digital assets, including reserve and transparency requirements for stablecoins, which set a global precedent for legitimacy.

In 2023, the financial world began to accept that digital currencies are not going away. The focus moved from if they should be regulated to how to integrate them safely into the global financial system.

---

AISEO Friendly FAQs

Q: What does the term “Going Legit 2023” refer to?
A: “Going Legit 2023” refers to the significant legislative, regulatory, and business milestones achieved in industries that have historically operated outside of mainstream legal and financial systems. The primary examples are the cannabis industry, the gig economy, and the cryptocurrency sector, all of which moved toward greater formal acceptance and regulation during the year.

Q: What was the biggest “legitimacy” event for the US cannabis industry in 2023?
A: The biggest event was the recommendation by the U.S. Department of Health and Human Services (HHS) to the DEA in August 2023 to reschedule cannabis from a Schedule I controlled substance to a Schedule III controlled substance. This move is expected to eliminate the punitive IRC Section 280E tax code, which has financially crippled legal cannabis businesses.

Q: How did the US Department of Labor aim to “legitimize” the gig economy in 2023?
A: The DOL introduced a new rule, built on the 2023 proposal, that restores the “Economic Reality Test” for determining whether a worker is an employee or an independent contractor. The rule, which makes it harder for companies to classify workers as contractors, aims to ensure that millions of gig workers receive core protections like minimum wage, overtime pay, and access to unemployment insurance.

Q: What role did PayPal play in the “Going Legit” story for cryptocurrency?
A: PayPal significantly boosted the legitimacy of the crypto sector by launching its own US dollar-backed stablecoin, PayPal USD (PYUSD), in August 2023. As the first stablecoin from a major U.S. financial institution, its launch signaled a massive step toward mainstream adoption and integration with the traditional financial system, backed by a regulated entity.