Former U.S. Treasury official Graham Steele is facing criticism for his recent comments on the Financial Innovation and Technology for the 21st Century Act (FIT21) as the bill approaches a vote this Wednesday.
Steele’s remarks were prompted by a social media petition from Digital Innovation For America (DIFA) endorsing the bill, claiming that Blockchain technology is the key to combating Big Tech. However, Steele pointed out that FIT 21 does not specifically target Big Tech and instead focuses on creating a regulatory framework for the crypto industry that is separate from securities laws.
In response to Steele’s perspective, some members of the crypto community expressed disagreement, arguing that blockchain networks offer more benefits to consumers than traditional corporate structures. Others criticized Steele for potentially alienating young voters who support decentralized crypto technology as a means of challenging Big Tech dominance.
The upcoming vote on FIT21 comes at a time of transition for the FDIC, with Chair Martin Gruenberg stepping down amidst allegations of misconduct. Reports suggest that Steele may be in line to succeed Gruenberg, potentially bringing a fresh perspective to the regulatory landscape regarding crypto-assets and banking organizations.
As the House prepares for the FIT21 vote, industry leaders in the crypto space are hopeful that a successful outcome will pave the way for a more comprehensive regulatory framework that allows for greater freedom and innovation in the digital asset industry within the United States.
