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Drafted “Keep Big Tech out of Finance” Act Surfaces Days Before Libra Hearings

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A drafted bill entitled “Keep Big Tech out of Finance” has surfaced online, allegedly deriving from within the United States House of Representatives Financial Services Committee. The document’s metadata dates it July 12.

The bill’s provenance is unconfirmed, but crypto news site The Block quotes an inside source as saying it is with the Financial Services Committee. 

The document reads: 

“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.” 

The alleged bill goes on to define “a large platform utility” as a tech company that earns annual global revenues in excess of $25 billion. 

Given that Libra is scheduled for hearings before the Senate Banking Committee on July 16 and with the House Financial Services Committee on July 17, this bill seems clearly designed to preempt congressional authority to take decisive action on the issue of Libra.

Libra has attracted commentary and criticism from many corners. Chair of the Financial Services Committee Maxine Waters initiated the congressional hearings on Libra on June 18 by calling for a moratorium on the project. As Cointelegraph reported at the time, Representative Waters wrote: 

 “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action” 

The night of July 11, US President Donald Trump tweeted similar concerns about the lawfulness of crypto usage, expressing opposition to Libra, Bitcoinand cryptocurrencies as a whole, instead promoting the continued dominance of the US Dollar.

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It’s important to ensure crypto-industry is mature and battle-tested, claims Ripple’s Brad Garlinghouse

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The Senate’s hearing on Facebook’s Libra with David Marcus is the talk of the town. Brad Garlinghouse, CEO of Ripple, is the latest to give his views on the hearing. Garlinghouse said that the debate was necessary for the crypto-industry to mature.

“I’m heartened by the (largely) thoughtful dialogue from this week’s congressional hearings on  @Libra_ . Committee members are supportive of blockchain and “payments innovation in the U.S., but skeptical that Facebook is the right steward given the history of broken trust.”

He added that the crypto-industry needs to mature and it would only happen if tough questions are asked, ensuring that the crypto-industry is “battle-tested” with proper regulatory oversight to protect investors and customers.

The Senate is today acknowledging the existence of cryptocurrencies and blockchain technology that is taking the world by the storm. This hearing comes after President Donald Trump sent out a slew of tweets outlining his negative views on Bitcoin.

Congressman Patrick McHenry was also one to add fuel to this fire, stating,

“Whether Facebook is involved or not, change is here. Digital currencies exist. Blockchain technology is real… So the question then becomes – what are American policymakers going to do to meet the challenges and the opportunities of this new world of innovation?”

One particular word that keeps popping up in the hearing and with the SEC is ‘innovation.’ While regulators and policymakers are trying their best to make regulations happen, it has been a slow ride. SEC commissioner Hester Peirce said it best when she said that the SEC might be driving innovation to other places. However, she reiterated that the SEC wants it to be a “safe harbor” approach.

A Twitter user, @XRPCryptoWolf, commented,

“I kept telling everyone since the beginning of the year that 2019 is the year that we finally get regulatory clarity on #Crypto & #Blockchain from many countries around the world Also Brad has been tweeting a lot of threads lately so I’m guessing this is a bullish sign for 2019?”

Source:ambcrypto

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Top gainers: Altcoins rally and record significant gains, a day after Libra-induced correction wave

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The collective crypto-market suffered a major setback after yet another hearing on Facebook’s Libra pulled down the prices of most major cryptocurrencies. However, the market soon recovered, with the collective market cap rising to $268.8 billion, with Bitcoin enjoying a dominance of 65.4%.

Major altcoins posted significant gains over the past day following the pullback.

Litecoin [LTC]

After sustaining acute losses throughout the week, falling below key support levels and touching the $84-mark, Litecoin [LTC] rose by 15.08% over the last 24 hours. At press time, the silver to Bitcoin’s gold held a market cap of $5.74 billion and was priced at $91.57, at press time. It had a 24-hour trading volume of over $4.8 billion.

Source: TradingView

Bitcoin SV [BSV]

The ninth-largest cryptocurrency in the world, BSV also rebounded by 14.21% over the past 24 hours and held a market cap of $2.33 billion, at press time. BSV was priced at $130.50 and enjoyed a 24-hour trading volume of $453.6 million, at press time.

Source: TradingView

Tron [TRX]:

Source: TradingView

After staying in the red territory for a long time, the eleventh largest cryptocurrency by market cap rallied by 10.01% and pushed itself to a price of $0.023. TRX held a market cap of $1.57 billion and a 24-hour trading volume of $583.3 million. The recent upsurge in TRX’s price also coincided with the introduction of new DApps in the Tron ecosystem.

Ethereum [ETH]:

The second largest cryptocurrency on CoinMarketCap, ETH retraced its steps to the bullish realm after a surge of 8.81% over the last 24 hours. This surge drove the valuation of Ethereum to $217.70, at press time. The asset’s market cap stood at $23.26 billion, and the 24-hour trading volume was recorded to be $9.43 billion.

Source: TradingView

Source: ambcrypto

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JP Morgan’s Jamie Dimon: Facebook’s Crypto Isn’t a Short-Term Concern

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Jamie Dimon, the CEO of J.P. Morgan Chase, has said he doesn’t expect Facebook’s planned Libra cryptocurrency to have a short-term impact on the bank.

In an analysts call Tuesday, first reported by CNBC, Dimon appeared to suggest that it was too early to speculate on how the effort, advertised as a global currency for the unbanked, would impact his company or its outlook. JP Morgan is the leading bank in terms of U.S. retail deposits, according to its most recent annual report.

“We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it,” Dimon said, when asked about Facebook’s entrance into the financial sector through cryptocurrency.

The chief executive added:

“To put it in perspective, we’ve been talking about blockchain for seven years and very little has happened.”

In previous interviews, Dimon has noted that cryptocurrency companies might compete with legacy banks. Still, he believes regulations will be a factor in how such technologies may be rolled out to the public, potentially delaying their timelines.

“Governments are going to insist that people who hold money or move money all live according to rules where they have the right controls in place; no-one wants to aid and abet terrorism or criminal activities,” Dimon said.

Facebook planned to debut the stable-backed cryptocurrency in 2020, but has since come out to say it will not offer the digital currency until all regulatory concerns have been addressed.

“We don’t mind competition,” Dimon said. “The request is always going to be the same: We want a level playing field.

JPMorgan proposed its own cryptocurrency, JPM Coin, in February to be used internally to speed up transactions. “The technology is very good, but it takes time in terms of licensing and approval. It must be explained,” lead developer Umar Farooq said prior to a trial period commencement.

For his part, David Marcus, lead developer of Facebook’s blockchain, has said, Libra is “not designed as a substitute for bank accounts,” in a Senate Banking Committee hearing on the cryptocurrency yesterday. A second day of testimonies is now underway.

Jamie Dimon via CNBC

source:coindesk

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