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Congressional Leaders Reportedly Draft Bill to Stop Big Tech Firms From Launching Cryptocurrencies

 

A draft discussion bill has surfaced online that targets big tech companies attempting to expand into finance. In an effort to stop competition with the US dollar, the bill seeks to prohibit tech giants from spinning up new cryptocurrencies and offering financial services.

Entitled Keep Big Tech out of Finance, the document was allegedly drafted by the United States House of Representatives Financial Services Committee, according to a source quoted by The Block.

The document precedes two upcoming congressional hearings with Facebook to address its cryptocurrency project Libra, a stablecoin that is scheduled to launch in 2020, pending regulatory approval. Despite efforts by Facebook to build a consortium comprised of a number of companies with a stake in its…

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