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Drafted “Keep Big Tech out of Finance” Act Surfaces Days Before Libra Hearings

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. Read More at CoinTelegraph...

#Libra #US

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