The Bill On The Horizon For U.S Lawmakers

The Bill On The Horizon For U.S Lawmakers

Crypto news Lifestyle Media
June 7, 2020 by Super System
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1 - 2020-06-07T181345.149 (1)

What Does The New Congress Law Hold For Crypto

Ethereum News

The crypto market is gearing for 2020, and lots of people are anticipating big things for the entire market. Facebook is one of the major tech companies that is lining to release its own cryptocurrency this year. There are already talks that governments would create their own digital currency (China is already making moves to release a digital yuan in 2020, and the EU is also considering doing the same.)

In the wake of this, U.S Lawmakers are drafting bills to carter for the imminent launch of several cryptocurrencies, and offer clarity for stablecoins. 

It was back in July 2019 that the House Financial Services Committee proposed the draft legislation. The legislation tagged “Keep Big Tech Out Of Finance Act” was drawn-out to target Facebook’s Libra specifically. However, the legislation is still aimed at preventing big technology companies from becoming independent financial institutions. 

The draft bill states explicitly that; 

“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.”

Regulators Concern Grows As Facebook Plans To Launch Libra In 2020 

Under the proposed bill, Facebook will qualify as a large company. The company still has plans to roll out its premium cryptocurrency, Libra, in 2020. Facebook has worked tirelessly over the past six months to create a stablecoins network. It also plans to bring out a set of new features in the early part of 2020. 

Regulators around the world are voicing concern on the inevitable arrival of Facebook’s Libra. 

The chairperson of the Keep Big Tech Out Of Finance Act, Maxine Waters had this to say about Facebook Libra 

“In light of these and other concerns, my colleagues and I wrote to Facebook earlier this month to call on it to cease implementation of its plans until regulators and Congress can examine the issues associated with a large technology company developing a digital currency, and take action. The Independent Community Bankers of America and others support this commonsense step.”

The arrival of the Keep Big Tech Out Of Finance Proposal would give financial regulators the power to impose fines of up to $1 million daily for various violations. 

 

 


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