Draft House Bill Would Keep Big Tech Out Of Cryptocurrency

By Philip Rosenstein (July 15, 2019, 9:49 PM EDT) -- Amid heightened scrutiny of cryptocurrencies after the announcement of Facebook-developed Libra, a draft bill is circulating in the House Financial Services Committee that would block any large online platform like Facebook or Google from entering the financial services industry or launching a cryptocurrency.

According to the draft bill language seen by Law360 on Monday, any large online platform with annual global revenue of at least $25 billion would be prohibited from becoming a U.S. financial institution through chartering, licensing or registration. It would also block such platforms from launching their own cryptocurrencies or becoming affiliated with financial institutions.

"A large platform...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!