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.
Congress speech image via Wikimedia.