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Cyber Bitcoin
Edited by qqqpeter at 2019-7-15 14:22 reported that The Block published a draft bill on July 13th entitled "Keep Big Tech out of Finance Act."


However, the media did not confirm the source of the draft, but its source pointed out that the draft is related to the “United States House Financial Services Committee”, which is actively against Facebook’s Libra. It said that the committee’s staff is discussing the draft and has not yet officially released.

The bill defines the "large platform utility" as a technology company with annual revenues of more than $25 billion. The draft states:

Large platform utilities may not establish, maintain, or operate digital assets that are intended to be widely used in exchanges, accounts, value stores (SoVs), or any other similar functions, and will be defined by the Federal Reserve Board.

The draft writes that if these companies violate any of the bills, they will suffer a daily fine of $1 million.

Facebook will attend a congressional hearing and a question on their Libra at 10 am US time on July 16th, and will be held by the US Senate's Banking Committee, City Affairs Committee, and Housing Committee.

Before the public hearing, Facebook's Libra had been in trouble in the United States, and Financial Services Commission Chairman Maxine Waters has been calling on Facebook to suspend Libra's project, saying: "We can't allow Facebook." Everyone went to Switzerland together and started to compete with the dollar."

In addition, in this semi-annual monetary policy hearing held by the Financial Services Committee this week, US Federal Reserve Chairman Jerome Powell said that if Facebook does not explain the problem of money laundering, Libra plans should Pause first.

US President Trump also released a Twitter post this week saying that Facebook's virtual currency Libra is not reliable, saying that if Facebook wants to become a bank, it must comply with other banks.

Facebook has 2.4 billion users and is a superpower in the online world. This large technology company is radically involved in financial services. Before Libra was promoted globally, it faced data privacy, financial supervision, and national currency sovereignty in the United States. Great challenges such as issues.

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