“Keep Big Tech out of Finance” Bill Comes Out Before Libra Hearings
By Luke Flowers – Cryptocurrency Enthusiast
The “Keep Big Tech out of Finance” drafted bill, allegedly acquired from within the United States House of Representatives Financial Services Committee, has just surfaced online. The metadata of the document dates it back to July 12.
Although the bill’s place of origin is yet to be confirmed, crypto news site The Block claims that an inside source says it is with the Financial Services Committee.
The document hopes to block large tech firms from being able to “establish, maintain, or operate a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value, or any other similar function” to prevent any monopolisation of the industry.
This suggests that Facebook as a large entity, cannot establish, maintain or operate the digital asset, but doesn’t state they can’t sell cryptocurrency native to this block. The bill also defines a ‘large platform utility’ as a technological firm that generates a greater annual revenue than $25bn.
Seeing as how the Libra hearings are scheduled for July 16th with the Senate Banking Committee and July 17th with the House Financial Services Committee, this bill appears to have been sent out to preempt the congressional authority in order to take swift action on the issuance of Libra. Regulation is still falling behind the innovative development of the technology and is stifling crypto selling and buying. Libra could push congress to address the regulation of cryptocurrencies with greater urgency to encourage more to buy and sell Bitcoin and other cryptocurrencies.
Libra has garnered interest as well as criticism from many areas. Maxine Waters, the chairman of the Financial Services Committee, started the congressional Libra hearings on June 18th by calling for a moratorium on the project.
Waters believe that considering Facebook’s recent troubles, the company agree to a moratorium regarding any development of a cryptocurrency. Waters also explains that Congress and regulators should examine the issues and take pre-emptive action before a big firm could potentially monopolise the market.
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