Graham Steele Faces Resistance Over FIT21 Stance Following DIFA Petition Critique

Graham Steele Criticizes Support for FIT21 Act

Former U.S. Treasury official Graham Steele recently voiced his concerns regarding the Financial Innovation and Technology for the 21st Century Act (FIT21) ahead of its upcoming vote. Steele’s critique was in response to a social media petition by Digital Innovation For America (DIFA) endorsing the bill as a way to combat Big Tech using Blockchain technology.

Steele’s Perspective on FIT21

• Steele highlighted that FIT21 lacks provisions to address the influence of Big Tech companies.
• He emphasized that the bill primarily focuses on establishing a light-touch regulatory framework for cryptocurrencies, operating outside traditional securities laws.

Community Response to Steele’s Remarks

Following Steele’s comments, members of the crypto community expressed mixed reactions:

• Some users disagreed with Steele’s assessment, arguing that blockchain networks offer more benefits to consumers compared to centralized corporate networks.
• Others criticized Steele for potentially politicizing the issue and alienating young voters who support decentralized crypto innovation.

Martin Gruenberg’s Replacement and FIT21 House Vote

Steele’s statements coincided with a period of upheaval at the FDIC, as Chair Gruenberg announced his resignation amidst allegations of misconduct. The White House is expected to announce Gruenberg’s successor soon, with Steele rumored to be a top contender for the position.

The House is preparing for a crucial vote on FIT21, scheduled for Wednesday. Industry leaders in the crypto sector are backing the bill, anticipating that its passage could lead to a more comprehensive regulatory framework benefiting digital asset operators nationwide.