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. 

Given that Libra is scheduled for hearings before the Senate Banking Committee on July 16 and with the House Financial Services Committee on July 17, this bill seems clearly designed to preempt congressional authority to take decisive action on the issue of Libra.

Libra has attracted commentary and criticism from many corners. Chair of the Financial Services Committee Maxine Waters initiated the congressional hearings on Libra on June 18 by calling for a moratorium on the project. As Cointelegraph reported at the time, Representative Waters wrote: 

 “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action” 

The night of July 11, US President Donald Trump tweeted similar concerns about the lawfulness of crypto usage, expressing opposition to Libra, Bitcoin and cryptocurrencies as a whole, instead promoting the continued dominance of the US Dollar.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Cryptocurrency market update: Bitcoin and major altcoins lethargic in tight ranges

The cryptocurrency market stays in the red zone after an unsuccessful recovery attempt on Saturday, July 20 followed by Sunday's sell-off. Bitcoin and all major altcoins are nursing losses with the notable exception of Cosmos, Tezos and Ethereum Classic.

More Cryptocurrencies News

Litecoin price analysis: LTC/USD stalled at $100.00

Litecoin has been sidelined for the recent four days, capped by SMA100, currently at $102.76. The fourth-largest digital asset with the current market capitalization of $6.2 billion has gained nearly 10% in recent seven days to become of of the best-performing coins out of top-10. 

More Litecoin News

Ethereum price analysis: ETH/USD bulls gather breath before another assault at $230

Ethereum, the second-largest cryptocurrency with the current market capitalization of $24.2 billion, settled above $225.00; however, the further recovery is limited. ETH/USD is moving in lockstep with Bitcoin (BTC) and the rest of the cryptocurrency market ...

More Ethereum News

EOS price analysis: EOS/USD bulls strengthen their grip

EOS is rising in value during the weekend European session. The upward correction is welcome following the recent dip to $3.30. The last couple of days have seen the buyers fight tooth and nail to come out of the bear range.

More EOS News

Bitcoin Weekly Forecast: bulls lick wounds after major sell-off

The cryptocurrency market has lived through a dreadful week as Bitcoin(BTC), and all major altcoins crashed below several important support levels. 

Read the weekly forecast

BTC

ETH

XRP