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Democrats are circulating a bill to impose fines of one million dollars a day to big tech companies such as Facebook, according to a statement, was distributed by Democrats, Reuters reported on July 15th.
Reuters quotes a copy of the bill – which Cointelegraph reported when first posted last week – and says it proposes to impose a $ 1 million a day any company that violates the proposed rules.
According to Reuters, the bill is submitted to the Democratic majority's debate at the head of the Financial Services Committee of the United States House and reportedly said:
"A large platform utility may not establish, maintain or exploit a digital asset intended for widespread use as a means of exchange, unit of account, store of value or any other similar function as defined by the Commission. Federal Reserve Governors. "
The report notes that the bill – entitled "Financial Expenditure Restraint Act" – suggests that legislators have exercised greater control by lawmakers following Facebook's recent disclosure of its next coin. currency in Libra, which could expose 2.7 billion users each month.
Reuters, however, predicts that pro-innovation Republicans will do their utmost to block such a move, and that the bill could face even greater resistance if it is passed by the lower house and debated at US Senate.
As noted, Congress has called for hearings on Libra and asked Facebook and its partners to impose an official moratorium on the development of Libra until its concerns are considered and taken into account.
Jerome Powell, head of the Fed, has meanwhile declared that he recognized the benefits and potential risks for Libra. He further asserted that for the moment, the central bank was not too worried about not being able to implement monetary policy because of the crypto-currencies at large, given the relative youth of the class. assets.
The renewed interest in crypto – partly prompted by the announcement of Libra – even prompted US President Donald Trump to publicly express his opposition to cryptocurrencies last week, with a specific reference to both Bitcoin and the balance. Many commentators have viewed the president's commitment as an important step for the industry.
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