{"id":389987,"date":"2019-07-16T12:00:30","date_gmt":"2019-07-16T12:00:30","guid":{"rendered":"https:\/\/uniquehot.com\/?p=389987"},"modified":"2019-07-16T12:55:48","modified_gmt":"2019-07-16T12:55:48","slug":"us-committee-plans-to-ban-facebook-cryptocurrency-libra","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/us-committee-plans-to-ban-facebook-cryptocurrency-libra\/","title":{"rendered":"US Committee Plans to Ban Facebook Cryptocurrency Libra"},"content":{"rendered":"<p>The House Financial Services Committee\u00a0in the United States is set to discuss the future of Facebook&#8217;s upcoming cryptocurrency, <a href=\"https:\/\/uniquehot.com\/2019\/07\/14\/us-govt-sees-libra-as-a-bigger-threat-than-bitcoin-messari-ceo\/\">Libra<\/a>, on Tuesday.<\/p>\n<p>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 &#8220;Keep Big Tech Out of Finance Act,&#8221; Waters&#8217; bill also discussed the possibility of imposing hefty fines \u2013 of as much as $1 million per day \u2013 on offenders.<\/p>\n<blockquote><p>\u201cA 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,\u201d the bill reads.<\/p><\/blockquote>\n<h2>Big Firms Kept Out of Finance<\/h2>\n<p>The proposed legislation follows weeks of outcry over Facebook&#8217;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.<\/p>\n<blockquote><p>\u201cIf 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,\u201d Water explained. \u201cThese vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past.\u201d<\/p><\/blockquote>\n<div class=\"jeg_video_container jeg_video_content\"><\/iframe><\/div>\n<p>The first draft of the &#8220;Keep Big Tech Out of Finance Act&#8221; maximized Waters&#8217; 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\u00a0advised keeping companies that are online marketplaces, exchanges, or platforms that connect third parties to avoid developing financial solutions.<\/p>\n<p>The proposed legislation is likely to bring technology giants like Apple, Google, Amazon, Facebook, and Microsoft, under the US financial regulators&#8217; watch.<\/p>\n<h2>Facebook Responds<\/h2>\n<p>David Marcus, the head of Calibra, is set to appear before the banking committee on Tuesday. In\u00a0<a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/Marcus%20Testimony%207-16-19.pdf\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">a prepared testimony<\/a>\u00a0published yesterday,\u00a0Marcus said they would not launch Libra until they receive approval from all the concerned financial regulatory agencies.<\/p>\n<div class=\"page\" title=\"Page 1\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<blockquote><p>&#8220;I expect that this will be the broadest, most extensive, and most careful pre-launch oversight by regulators and central banks in FinTech\u2019s history,&#8221; wrote Marcus. &#8220;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.&#8221;<\/p><\/blockquote>\n<p>Last week, Federal Chairman Jerome Powell and US President Donald Trump had also <a href=\"https:\/\/uniquehot.com\/2019\/07\/15\/bitcoin-ban-in-the-u-s-is-feasible-says-analyst-following-trumps-tweet\/\">expressed<\/a> concerns over the Facebook payment project.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The House Financial Services Committee\u00a0in the United States is set to discuss the future of Facebook&#8217;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 &#8220;Keep Big Tech Out of Finance Act,&#8221; Waters&#8217; bill also discussed the possibility of imposing hefty fines \u2013 of as much as $1 million per day \u2013 on offenders. \u201cA 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,\u201d the bill reads. Big Firms Kept Out of Finance The proposed legislation follows weeks of outcry over Facebook&#8217;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. \u201cIf 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,\u201d Water explained. \u201cThese vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past.\u201d The first draft of the &#8220;Keep Big Tech Out of Finance Act&#8221; maximized Waters&#8217; 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\u00a0advised 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&#8217; watch. Facebook Responds David Marcus, the head of Calibra, is set to appear before the banking committee on Tuesday. In\u00a0a prepared testimony\u00a0published yesterday,\u00a0Marcus said they would not launch Libra until they receive approval from all the concerned financial regulatory agencies. &#8220;I expect that this will be the broadest, most extensive, and most careful pre-launch oversight by regulators and central banks in FinTech\u2019s history,&#8221; wrote Marcus. &#8220;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.&#8221; Last week, Federal Chairman Jerome Powell and US President Donald Trump had also expressed concerns over the Facebook payment project.<\/p>\n","protected":false},"author":496,"featured_media":389994,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1558,1985,2752],"class_list":["post-389987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-cryptocurrency","tag-facebook","tag-libra"],"acf":[],"yoast_head":"\n<title>US Committee Plans to Ban Facebook Cryptocurrency Libra<\/title>\n<meta name=\"description\" content=\"The House Financial Services Committee\u00a0in the United States is set to discuss the future of Facebook&#039;s upcoming cryptocurrency, Libra, on Tuesday. 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