on the crypto
The question Pound it seems destined to greatly shake the waters of US politics over the next few months. To demonstrate how the virtual currency of Facebook represents a real nerve discovered for large institutional sectors of the country, it is one recent bill aimed at preventing large tech companies from expanding to finance and issuing cryptocurrencies. Of course, the proposal in question does not mention Libra, but seems to have been cut out on it like a tailored suit. So much to push many analysts to vaticinate the approach of one real storm.
What the bill says
The proposal, entitled "Keep Big Tech Out Of Finance Act", is the result of the work carried out by democratic majority who leads the House Financial Services Commission. Already this circumstance pushes observers to conclude that the real objective of the law is precisely Facebook, considered to be precisely that commission in practice placed sideways on the Libra road, expressly asking Menlo Park to suspend the development plans of its virtual currency.
But what does the legislation in question say in a nutshell? In practice, companies that violate the ban on launching their own cryptocurrencies could risk penalties of up to $ 1 million per day. The list of companies which would not be allowed to operate on the same basis as banks and issue cryptocurrency goes to understand in particular the online platforms that manage to collect at least $ 25 billion in the form of annual revenue. Backlighting Facebook was not difficult for analysts.
A real warning
Un real warning to FAANG (Facebook, Amazon, Apple, Netflix and Google): this, according to observers, would be the proposed democratic law. The same companies that according to Cameron Winklevoss, one of the twins creators of the Gemini exchange, within a couple of years will have issued their cryptocurrency, a hypothesis seen with open annoyance from politics, apart from some sectors that continue to see the glass half full and to show their favor for the innovation that characterizes the digital asset sector. Annoyance which can also be understandable in the light of unbridled ambitions expressed by the Libra White Paper, which according to some could be interpreted as a attack on the imperial power of the dollar.
A bank for Trump
It should also be stressed that the proposed democratic law could lead to a new friction between the Republicans and Donald Trump, current White House tenant who is an expression of the Grand Old Party. It was the same tycoon that presides over the United States, in fact, in the past months to express his own several times stark opposition to cryptocurrencies, so as to go as far as to ask Facebook to decide to operate as a real bank, subjecting itself in particular to the regulations to which banking institutions are subject, if it really wants to be able to issue and manage its digital currency. Words that have been interpreted as one real declaration of war.
