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US propose a Bill to limit Big Techs entry to finance and crypto

Tuesday 16th July, 2019

A draft discussion bill ‘Keep Big Tech Out of Finance Act’ was leaked on 13th July from the US House of Representatives Financial Services Committee, The Block reported.

The bill aims to prevent big tech firms with annual global revenues in excess of $25 billion from becoming financial institutions.

“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 draft document.

According to Pymnts.com, talk of new bitcoin rules started surfacing earlier in July with the Internal Revenue Service’s announcement that it is planning updates to its 2014 guidance on cryptocurrencies.

The US Internal Revenue Service (IRS) is acting on an April request from a group of 20 lawmakers.