New US American bill prohibits large tech companies from publishing their own cryptocurrency

New US American bill prohibits large tech companies from publishing their own cryptocurrency

New US American bill prohibits large tech companies from publishing their own cryptocurrency

A new US bill has appeared online that could prevent major technology companies from issuing their own digital currency. Cryptocurrency news site The Block reports on July 13.

According to The Block, the bill, called “Keep Big Tech out of Finance,” comes from the Financial Services Committee of the US House of Representatives.

If the bill were adopted, it would prevent large tech companies, which make more than $ 25 million in annual sales, from being able to release their own cryptocurrency. The document states the following:

A large platform may not create, maintain, or manage digital assets that are intended to be used on a large scale as a means of exchange, unit of account, hoarding, or any other similar function, as defined by the Federal Reserve System Board of Directors.

The bill happens to be published online a few days before a scheduled hearing with Facebook and the Senate Banking Committee on July 16 and the Financial Services Committee on July 17 about Facebook’s upcoming cryptocurrency: the Libra.

Last week, several US lawmakers from the House of Representatives sent a public letter to Facebook requesting that the Libra’s development is stopped. At least until they have had the opportunity to conduct investigations and after the hearings next week.

Donald J. Trump, president of the United States, had recently voiced his opinion about cryptocurrencies, including bitcoin (BTC) and Libra. He said that he is not a fan and that the US dollar is the only real US currency.

About Shawn Morrison 247 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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