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New US House Bill Would Ban Big Tech From 'Banking', Fine Facebook's Libra $1 Million Per Day

 
HO LEE FUKK

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07/15/2019 08:13 PM

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New US House Bill Would Ban Big Tech From 'Banking', Fine Facebook's Libra $1 Million Per Day
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Shortly before Treasury Secretary Stephen Mnuchin held his crypto-fearmongering press conference, CoinTelegraph's Kollen Post reports that a drafted bill entitled “Keep Big Tech out of Finance” has surfaced online, allegedly deriving from within the United States House of Representatives Financial Services Committee. The document’s metadata dates it July 12.


The bill’s provenance is unconfirmed, but crypto news site The Block quotes an inside source as saying it is with the Financial Services Committee.

The document reads:

“A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as 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.”

The alleged bill goes on to define “a large platform utility” as a tech company that earns annual global revenues in excess of $25 billion.
BOOM!™

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07/15/2019 09:11 PM

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Re: New US House Bill Would Ban Big Tech From 'Banking', Fine Facebook's Libra $1 Million Per Day
I was actually wondering about this when the Fartbook rumors starting swirling about them releasing a crypto coin.

I wonder how far the Bill will get before someone's pockets are heavily lined with greenbacks and promise of those tasty cryptos pre-launch.

5* This.

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Last Edited by BOOM!™ on 07/15/2019 09:12 PM
It wasn't always like this, I had a real life, once. A job.
HO LEE FUKK  (OP)

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07/15/2019 09:12 PM

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Re: New US House Bill Would Ban Big Tech From 'Banking', Fine Facebook's Libra $1 Million Per Day
I was actually wondering about this when the Fartbook rumors starting swirling about them releasing a crypto coin.

I wonder how far the Bill will get before someone's pockets are heavily lined with greenbacks and promise of those tasty cryptos pre-launch.


5-stars
 Quoting: BOOM!™


strzok
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07/15/2019 09:22 PM
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Re: New US House Bill Would Ban Big Tech From 'Banking', Fine Facebook's Libra $1 Million Per Day
Will this make Rewards cards illegal?
HO LEE FUKK  (OP)

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07/15/2019 09:25 PM

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Re: New US House Bill Would Ban Big Tech From 'Banking', Fine Facebook's Libra $1 Million Per Day
Will this make Rewards cards illegal?
 Quoting: Anonymous Coward 34709637


dragnet-facts45
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07/15/2019 09:35 PM
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Re: New US House Bill Would Ban Big Tech From 'Banking', Fine Facebook's Libra $1 Million Per Day
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