RATE Group | Facebook Crypto Haters Proposes Doomsday Bill; Bitcoin to Benefit? |
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Facebook Crypto Haters Proposes Doomsday Bill; Bitcoin to Benefit? |

14 Jul Facebook Crypto Haters Proposes Doomsday Bill; Bitcoin to Benefit? |

Posted at 12:57h in Bitcoin News by

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A “discussion draft” bill set out to spell doomsday on the dreams of many financial technology projects is making rounds on Crypto Twitter.

Unconfirmed yet unsettling, the “Keep Big Tech Out of Finance” bill proposes to “prohibit large platform utilities” from becoming a financial institution or getting affiliated with a person that runs a financial institution.” In the case of non-compliance, the violator in question would need to pay a fine not more than $1 million for each day of violation.

“A large platform utility may not 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, as defined by the Board of Governors of the Federal Reserve System,” read the bill.

Facebook Libra Hearing on Tuesday

The draft surfaced ahead of a congressional meeting on the Facebook cryptocurrency Libra, scheduled on July 16. The U.S. House Financial Services Committee…

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