If there is one thing we have learned, is that the federal government will work the fastest when it senses that external factors might threaten its financial stability.Barely a few months after Facebook announced cryptocurrency project Libra, the federal banking system and the government has already joined forces to bring the project to a standstill. So much so, that even the US Congress forbade Libra from taking one step ahead unless they had a chance to ‘review’ it.Even that was not enough. According to news portal CCN, the House Financial Services Committee has drafted a Libra killer bill that bans big tech companies from launching cryptos. It’s called the “Keep Big Tech Out of Finance Act.” A draft copy of the discussion bill found its way into the hands of Ryan Todd at another news portal, The Block.The proposed bill states, “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.”According to the bill, a large platform utility refers to any entity which has annual global revenues above $25 billion. Facebook revenue was $16.9 billion for Q4 2019 alone. So the Keep Big Tech out of Finance Act says Mark Zuckerberg’s too big to crypto, reported CCN.Naturally, this Act begets the question: What does this mean for Jack Dorsey and Square Crypto. Fortunately, for the moment, Dorsey is safe given that Twitter revenue for the twelve months ending March 31, 2019 was $3.164 billion.While the proposed bill certainly sounds like a death knell, combine it with the proposal to fine Facebook $1 million a day, it could mean the end of Big Tech and crypto in the United States.Liked what you read? Join us on Telegram
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