It would appear that a draft bill intending to limit “Big Tech’s” entry into finance and crypto has surfaced online. This leak is reportedly from the United States House of Representatives Financial Services Committee. What’s more, this comes just days ahead of Facebook’s Libra hearings.
Keep Big Tech Out Of Finance Act could prevent tech firms from establishing cryptos
Specifically, this draft bill – the “Keep Big Tech Out Of Finance” Act – can be found on Scribd. Its overarching goal is supposedly to “prohibit large platform utilities from being a financial institution or being affiliated with a person that is a financial institution, and for other purposes”.
Although it is unclear exactly when, or if, this draft bill will surface in the House of Representatives…