White House snubs FIT21 - showing negative sentiment toward crypto and digital asset class

The recent opposition from President Biden and SEC Chair Gary Gensler to the FIT21 bill, which aims to establish clear regulatory frameworks for digital assets, underscores the growing tension between traditional regulatory bodies and the burgeoning decentralized finance (DeFi) sector. As a web3 developer, it's essential for all of us to advocate for decentralization and user ownership of data - challenging the surveillance capitalism model out for by big tech, high finance and the government.

The FIT21 bill seeks to provide much-needed clarity and support for the digital asset market by establishing guidelines that promote innovation while ensuring consumer protection. However, the resistance from key figures in the government highlights a broader reluctance to embrace the transformative potential of blockchain technology and decentralized systems. This reluctance is rooted in concerns over market stability and consumer protection, reflecting a traditional mindset that relies heavily on centralized control and oversight.

In contrast, the decentralized model offers a path toward greater financial inclusion, transparency, and user empowerment. By eliminating intermediaries, DeFi platforms reduce costs and barriers to entry, allowing more individuals to participate in the financial system. Smart contracts automate and enforce transactions, reducing the need for trust in third parties and minimizing the risk of fraud.

Moreover, Decentralized Digital Identities (DiDs) provide a revolutionary approach to identity management, enabling users to control their personal data and privacy. In a world where data breaches and identity theft are rampant, DiDs offer a secure and user-centric solution. They allow individuals to authenticate themselves without relying on centralized authorities, thereby reducing the risk of data misuse and enhancing privacy.

Educating users about the benefits of decentralization is crucial for fostering a more resilient and equitable digital ecosystem. Workshops, webinars, and accessible resources can demystify blockchain technology and its applications, empowering individuals to take control of their financial and digital lives. By promoting an understanding of DeFi and DiDs, we can help users navigate the transition from legacy systems to decentralized platforms.

The FIT21 bill represents a step toward recognizing and integrating the potential of decentralized technologies within the regulatory framework. However, overcoming resistance from established institutions requires persistent advocacy and collaboration. Developers, policymakers, and industry leaders must work together to create an environment where innovation can thrive without compromising security and consumer protection.

For software developers, the importance of decentralization and user ownership of data cannot be overstated and must be sorted from the rooftops to users and consumers. Especially as web3 developers, we have a responsibility to educate and empower all users, helping them reclaim their digital rights and participate in a more transparent and inclusive financial system. For too long the public has been fooled into trusting untrustworthy organizations, applications and politicians. The journey toward decentralization is challenging, but the promise of an empowering digital future makes it a path worth pursuing, where the potential is limitless for everyone, not only a small micro portion who control and utilize our data for their own profits and benefit.

The politicized nature of the industry is a big part of the reason I built I On You Reviews - there are plenty of examples I could point to in which we as consumers contribute to our own decline and loss of privacy. You see, when you or I purchase products, or services from organizations or individuals who don’t see eye to eye with us in regards of policies they support, we are feeding the machine which is against us. I’m not calling for cancel culture, but what I am suggesting is that, we cease to use products from businesses that go out of their way to lobby and support laws and lawmakers who oppose our values and what we hold near and dear to us. For instance, a company like Starbucks for example - I love their coffee, loved it. But they decided to push their own ideologies on me every time I walked into one of their coffee shops. So, I went elsewhere. The further you research into some of these larger corporations the more shady some of their donations become, and also at times, very difficult to track exactly where they donate. This is a warning sign. Starbucks also accepted Bitcoin at one time, but changed course and stepped to make their own loyalty token. Which was yet another strike against them in my opinion. The richer we make certain corporations, the more they can use their power to push actual legislation to make their vision a reality. Why would I assist in bringing about a world I do not agree with? So, I created an application & a system where users can do a scrape of the company’s who share their values, as well as businesses that do not share their votes and goals.

Surveillance Capitalism has given rise to the giants in the tech sector and the financial titans of the world, and their influence is felt everywhere — now we can use blockchain and other emerging tech, for us, the users, to decide who we support and who we do not. Essentially every time we spend money, we are supporting whoever it is we are doing business with, because there is always another option, and now that is more available than ever before. Good advertising doesn’t necessarily mean a good product or a genuine service. It tends to be just an excellent example of manipulation.