Cryptocurrency Regulation US Bill Wants to Stop Big Tech From Becoming Banks

US Bill Wants to Stop Big Tech From Becoming Banks

Follow Us on Social Media

Follow Us on Social Media

US Bill is looking to keep big tech companies with over $25 billion annual revenue from creating their own cryptocurrencies.

The Libra hearing will be on July 16th, which means that this bill could potentially change the outcome of it.

US President Donald J. Trump also tweeted on the 11th, that if Facebook wants to become a bank, then they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks.

Facebook is said to launch its global cryptocurrency in 2020, with major tech companies backing it.

The companies behind it are Facebook, Vodafone, Coinbase, Mastercard, PayPal, VISA, Uber, and many more.

If they succeed, then this could make big tech companies even bigger, to the point where they could globally reform traditional banking as well.

Kraken banner with the text

Congress speech image via Wikimedia.

Latest News

Why Payment Giants Can No Longer Ignore Crypto

As time goes on, payment companies are starting to take crypto more seriously. Read our timeline to see what it took to get to this point.

Bitstamp to List Stellar With Fiat Trading Pairs

Bitstamp, the world's longest-standing cryptocurrency exchange, has added Stellar to its platform.

Verizon Partners With Google

Telecommunications company Verizon partners with the search engine giant Google by giving Verizon fiber customers a free Google Stadia.

Highest Rated Exchanges