7/15/2019, 7:51 PM (Source: TeleTrader)
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Dems considering banning FB's Libra - report

United States House Democrats are considering preventing major technology companies from developing and operating cryptocurrencies and providing financial services, several US media outlets reported on Monday citing a draft written by Democrats on the House Financial Services Committee.

The proposed bill is titled "Keep Big Tech Out of Finance Act" and would target companies with over $25 billion in annual revenue which want to offer an "online marketplace, an exchange, or a platform for connecting third parties." The legislation was likely drafted in response to Facebook's plans to launch its own digital currency called Libra and reports come just a day before Libra's chief David Marcus is set to testify before the panel.

In a written statement ahead of the hearing, Marcus insisted Libra is a "payment tool, not an investment" and noted it would be regulated by the Swiss Financial Markets Supervisory Authority (FINMA). He agreed with the US Federal Reserve that the cryptocurrency must pass a "patient and thorough" process before its launch planned for next year.

Breaking the News / NP