Former Treasury Official Graham Steele Gets Pushback On FIT21 Take After DIFA Petition Criticism

Former U.S. Treasury official Graham Steele is facing criticism after expressing his reservations about the Financial Innovation and Technology for the 21st Century Act (FIT21) on X. Steele’s comments came in response to a social media petition by Digital Innovation For America (DIFA) supporting the bill and emphasizing the role of blockchain technology in combating “Big Tech.” In his post, Steele argued that FIT21 does not actually address the issue of “Big Tech” but instead focuses on creating a regulatory framework for cryptocurrencies. Some members of the crypto community disagreed with Steele’s viewpoint, asserting that blockchain networks provide greater benefits to consumers compared to traditional corporate networks. Others accused Steele of making the issue partisan and alienating young voters who support decentralized crypto innovation. Meanwhile, Steele is rumored to be a potential candidate for the position of Chair of the FDIC, with Martin Gruenberg resigning amidst concerns of misconduct. The House is preparing to vote on FIT21, a bill supported by industry leaders in the crypto space that aims to establish a comprehensive regulatory framework for digital assets in the United States.