US Committee Plans to Ban Facebook Cryptocurrency Libra

2019-7-16 15:00

The House Financial Services Committee in the United States is set to discuss the future of Facebook’s upcoming cryptocurrency, Libra, on Tuesday.

The head of the committee, Democratic Congresswoman Maxine Waters, last week proposed legislation which details rules that would ban Facebook and other technology firms from developing and launching financial services. Titled “Keep Big Tech Out of Finance Act,” Waters’ bill also discussed the possibility of imposing hefty fines – of as much as $1 million per day – on offenders.

“A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as a 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 bill reads.

Big Firms Kept Out of Finance

The proposed legislation follows weeks of outcry over Facebook’s plan to launch a parallel financial ecosystem. The social media giant in June announced Calibra, a payment project backed by the same technology that powers controversial cryptocurrency bitcoin. Lawmakers and regulators jointly opposed Facebook for allegedly attempting to bypass federal systems. Waters, in particular, asked Facebook to stop developing Calibra until further notice.

“If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger the US and global financial stability,” Water explained. “These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past.”

The first draft of the “Keep Big Tech Out of Finance Act” maximized Waters’ stance on the marriage of big technology firms and finance. The congresswoman explicitly proposed that companies with an annual turnover of $25 billion and more should refrain from stepping into the finance industry. She further advised keeping companies that are online marketplaces, exchanges, or platforms that connect third parties to avoid developing financial solutions.

The proposed legislation is likely to bring technology giants like Apple, Google, Amazon, Facebook, and Microsoft, under the US financial regulators’ watch.

Facebook Responds

David Marcus, the head of Calibra, is set to appear before the banking committee on Tuesday. In a prepared testimony published yesterday, Marcus said they would not launch Libra until they receive approval from all the concerned financial regulatory agencies.

“I expect that this will be the broadest, most extensive, and most careful pre-launch oversight by regulators and central banks in FinTech’s history,” wrote Marcus. “We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals.”

Last week, Federal Chairman Jerome Powell and US President Donald Trump had also expressed concerns over the Facebook payment project.

The post US Committee Plans to Ban Facebook Cryptocurrency Libra appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Formosa Financial (FMF) на Currencies.ru

$ 0.0004577 (+0.00%)
Объем 24H $0
Изменеия 24h: -0.11 %, 7d: 98.23 %
Cегодня L: $0.0004538 - H: $0.0004624
Капитализация $394.44k Rank 99999
Цена в час новости $ 0.0001534 (198.37%)

facebook committee libra cryptocurrency ban services financial

facebook committee → Результатов: 44


With Facebook’s Libra Congress Hearings Imminent, Will Bitcoin Price Plummet or Foray Higher?

Facebook’s Libra has been knee-deep in criticism ever since it was unveiled. Another hurdle that Facebook is currently facing is testifying during US governmental hearings. David Marcus, the head of the Calibra wallet, will be testifying before the Senate Banking Committee and the House Financial Services Committee on Tuesday 16th and Wednesday 17th respectively.

2019-7-16 10:24


Facebook’s Libra crossed the Atlantic to Switzerland for regulatory certainty, claims US Congressman

Facebook crossed the Atlantic, leaving US Congressmen pointing fingers. Libra, the cryptocurrency project launched by Facebook could be left in the docks before it sets sail for Switzerland. After running into harsh winds at the hands of Jerome Powell, Federal Reserve Chair during his hearing before the House Financial Services Committee, the prospects for Facebook […] The post Facebook’s Libra crossed the Atlantic to Switzerland for regulatory certainty, claims US Congressman appeared first on AMBCrypto.

2019-7-11 18:30


Altcoins fall below key support levels

The cryptocurrency market crashed by a strong margin with many altcoins falling below key levels. At press time, the collective market cap stood at $311 billion. The latest bearish trend came right after the US Federal Reserve chairman, Jerome Powell’s latest comment before the US House of Representatives Financial Services Committee, where he warned that Facebook’s Libra […] The post Altcoins fall below key support levels appeared first on AMBCrypto.

2019-7-11 11:00


Новости криптовалют сегодня, 20 июня 2019

Тут новости криптовалют сегодня от авторов блога «Новости криптовалют». Статья обновляется в течение дня. CoinDesk Банковский комитет Сената США 16 июля проведет слушание по поводу новой криптовалюты Facebook, Libra.

2019-6-20 08:15


Власти США просят Facebook отсрочить продвижение их криптовалюты

Член Палаты представителей США Максин Уотерс призвала крупнейшую социальную сеть Facebook прекратить работу над проектом Libra. Об этом в серии твитов сообщил репортер CNN Брайан Фанг. По словам Фанга, конгрессмен Уотерс назвала новую инициативу «еще одним примером неконтролируемой экспансии Facebook».

2019-6-19 11:10


Американские конгрессмены призвали Facebook приостановить работу над криптовалютой Libra

Член Палаты представителей США Максин Уотерс призвала крупнейшую социальную сеть Facebook прекратить работу над проектом Libra. Об этом в серии твитов сообщил репортер CNN Брайан Фанг. По словам Фанга, конгрессмен Уотерс назвала новую инициативу «еще одним примером неконтролируемой экспансии Facebook».

2019-6-19 09:48


Фото:

The Senate Banking Committee Wants To Talk To Facebook About 'Project Libra'

The banking committee sent an open letter to Mark Zuckerberg earlier this week looking for details regarding Facebook's cryptocurrency project, Project Libra. The committee wants to know what kind of discussions the company has had with financial regulators and what kind of privacy protection will be offered to those holding Facebook's crypto.

2019-5-10 18:52


Сестра Марка Цукерберга вступила в экспертный комитет Huobi Chain

Старшая сестра основателя Facebook Марка Цукерберга вошла в состав экспертно-консультативного комитета Huobi Chain. Рэнди Цукерберг на данный момент также занимает пост главы контентной компании Zuckerberg Media, основанной ею пять лет назад.

2018-8-27 15:33


Рэнди Цукенберг войдет в экспертную комиссию Huobi Chain

Криптовалютная биржа Huobi отправила «дружественный запрос» члену семьи Цукерберг, и этот запрос был принят. Данное событие произошло после того, как Рэнди Цукерберг, старшая сестра основателя Facebook, Марка Цукерберга, была представлена в качестве члена Huobi Chain Expert Advisory Committee.

2018-8-28 12:15