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.
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