US lawmakers are reportedly trying to block big tech companies from creating cryptocurrencies

Polycount

TS Evangelist
Staff member

We already know that US President Donald Trump isn't a big fan of social media-run cryptocurrencies (or even more well-known and established cryptos like Bitcoin) but what about other politicians? According to a new report from Reuters, they don't care for the concept either and are actively working to block big tech companies from offering currencies like Facebook's Libra.

Reuters says numerous Democratic members of the House Financial Services Committee have been working together on a legal draft to accomplish this task. The draft, called the Keep Big Tech Out Of Finance Act," would reportedly bar any company with over $25 billion in yearly revenue from launching their own cryptocurrencies or other financial services to the public.

The draft, called the Keep Big Tech Out Of Finance Act," would bar any company with over $25 billion in yearly revenue from creating their own cryptocurrencies or other financial services.

Of course, draft legislation is far from set-in-stone law and as Reuters notes, this bill is going to have quite a few hurdles to overcome before it could ever reach that state. It'll need to pass several votes throughout the House and Senate, all while hoping its opposition doesn't attempt to block it in some way.

And you can be sure that it will have opposition -- the draft, in its current state, was allegedly penned by mostly Democratic lawmakers. Republican politicians, many of which are against regulations that may stifle businesses, will probably have some very strong feelings about this situation.

Regardless, only time will tell whether or not this legislation will proceed and turn into law, or be killed off before it gets traction. We'll update you if any more information comes to light.

Image credit: Shutterstock

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VitalyT

Russ-Puss
Lawyers, trying to block just about anything, from clouds in the sky, to your toilet's sewage.

 
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cliffordcooley

TS Redneck
Big tech companies are large enough to get away with screwing everyone over. This is their opportunity to become the big banking industry without regulation.
 

Gypsygib

TS Enthusiast
God forbid the larcenous banks have any competition. But I guess you've got to keep the hand that feeds the politicians happy.
 

treetops

TS Evangelist
So will they come down on me if I start using monopoly money as real money between friends, what if this trend spread out to Craigslist? Money only has value if we give it value. They look very afraid of facebook crypto. What if you had the option to get paid in fb crypto from your employer and it was as easy to use as a visa card. With Visa behind it, that could be a reality. Currency is the governments main source of control, they will fight tooth and nail to keep it at the status quo. If it came down to it Mark Zuckerberg would disappear. Facebook would be deemed a terrorist tool. Wars have been fought over much less.

"Facebook won’t fully control Libra, but instead get just a single vote in its governance like other founding members of the Libra Association, including Visa, Uber and Andreessen Horowitz, which have invested at least $10 million each into the project’s operations."
https://techcrunch.com/2019/06/18/facebook-libra/
 

Puiu

TS Evangelist
I don't care if they regulate them or not but wtf is that arbitrary "25 billion" number thrown about. If you make only 10 bil you are considered too small? O_o
 
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Danny101

TS Guru
Government is obsolete. It just another form of control over your life. Some ***** and group of *****s who think they know what is best for me. They can't even do what is best for themselves or the country. Keep it local. Anything bigger than that is out of touch.
 

Danny101

TS Guru
Don't be a wuss over an adjective Techspot. It isn't like politicians actually care what I or anybody else thinks about them. That's why they're politicians. Getting rich off of our backs and glorying themselves in their power. My opinion is that our government isn't civil anymore. It isn't working. It's irresponsibly spending money that they extorted out of us, and then proceed to tell us how to live. Political correctness has made us weak as a country and subject to authoritarianism. We have a medical system that is a sham, not really healing anyone, and then being forced to participate in acidic treatments that only make people worse. Sure, you get relief, but it's only suppression of symptoms. There's your fascism. Milk is a prime example of a national lie of good health and yet it slowly kills any who consume it. Yet the FDA approves it. C. Everett Koop, a surgeon general in the 80's, was fired immediately after saying milk may be bad for your health. They were protecting the milk lobby. FDA and the AMA are based on medical science fiction. They are working off of an unnatural system of medicine. They censor those who are trying to us get back to what is true for our health. They aren't protecting the public, just big pharma and food corporations. There's your fascism. Learn what the body is truly designed to eat. Imagine never needing insurance or a medical specialists again. Censorship comes from place of weakness, aggression, and protecting the lies and those in power. How can anyone think better and clearly when they are being bogged down by a medical system that is killing them? Population control?
 
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Dosahka

TS Addict
It's time to 'legalise' cryptocurrency? to have one universal credit. but of course Chinese labour won't be that cheap anymore...and trading with currencies won't be a thing...hehe
 

mbrowne5061

TS Evangelist
"The draft, called the Keep Big Tech Out Of Finance Act," would reportedly bar any company with over $25 billion in yearly revenue from launching their own cryptocurrencies or other financial services to the public."

So, any company over 25 billion in yearly revenue? You mean like banks? They won't be able to launch any financial services?
 
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treetops

TS Evangelist
"The draft, called the Keep Big Tech Out Of Finance Act," would reportedly bar any company with over $25 billion in yearly revenue from launching their own cryptocurrencies or other financial services to the public."

So, any company over 25 billion in yearly revenue? You mean like banks? They won't be able to launch any financial services?
It seems like a way to stop crypto? Or keep it out of the hands of anyone like FB who could really make it explode. No big banks can adopt it either? idk
https://www.forbes.com/global2000/list/13/#tab:overall