U.S. lawmakers are working on a bill aimed at preventing big tech companies like Facebook from issuing their own cryptocurrencies.
According to an article published by Reuters as well as a draft bill that has been leaked online, U.S. lawmakers are reportedly working on a bill aimed at preventing other tech giants from following the example of Facebook and its stablecoin.
The draft, titled "Keep Big Tech Out Of Finance Act" and which includes a section titled "Prohibition Related to Cryptos," says:
"A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as 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."
According to the draft, this ban will apply to any tech company with an annual global revenue of more than $25 billion and that is predominantly engaged in the business of offering online public marketplaces, exchanges or platforms to connect third parties. These companies would be required to pay a daily fine of $1 million for violating either subsection of the bill.
The social network officially launched its crypto project on June 10, when it made public the Calibra project website as well as the white paper of its cryptocurrency. Authorities from all over the world are showing their concern regarding Facebook's project due to the great risks it represents.
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