Why Congress’ New Draft Bill Is Bullish For Bitcoin

US lawmakers are mulling a new bill that will boost bitcoin and prohibit tech monopolies from launching their own cryptocurrencies. The draft discussion has surfaced ahead of Facebook’s scheduled congressional hearing this week on the Calibra crypto project.

Why Congress’ New Draft Bill Is Bullish For Bitcoin
 

Bill Bullish For Bitcoin

The July 12 dated draft entitled ‘Keep Big Tech Out Of Finance’ surfaced online apparently originating from within the United States House of Representatives Financial Services Committee. The primary directive is to prevent internet and technology giants becoming financial institutions. It also aims to prohibit these firms “establishing, maintaining, or operating a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value,” as defined by the Board of Governors of the Fed, according to reports.
According to the draft any tech corporation with annual global revenue of more than $25 billion, which is engaged in offering online public marketplaces, exchanges, or platforms for connecting third parties, would fall under the act if passed. A daily fine of a million dollars would be levied for offenders.

Morgan Creek Digital co-founder and Bitcoin permabull, Anthony Pompliano, tweeted that the move was extremely bullish for BTC.

“Congress has drafted a bill called “Keep Big Tech Out Of Finance” which would prevent large tech companies from becoming finance companies and launching digital assets. Unlikely to succeed, but this is the most bullish thing for Bitcoin I’ve heard in weeks!”

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I am a web developer who loves to write about anything related to technology. My interest in cryptocurrency started in 2014, and it has not stopped since.

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