Draft House Bill Would Keep Big Tech Out Of Cryptocurrency
Law360 (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...
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