Democratic members of the group are reviewing the draft legislation, which would impose fines of US$1 million per day on companies that act as financial institutions or issue tokens. The new rules would apply to companies with more than US$25 billion in annual revenue whose primary product is an online platform. (Reuters)
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Democratic members of the group are reviewing the draft legislation, which would impose fines of US$1 million per day on companies that act as financial institutions or issue tokens. The new rules would apply to companies with more than US$25 billion in annual revenue whose primary product is an online platform. (Reuters)
Talking point: Twelve tech companies exceed the threshold, but only Facebook has announced plans to launch a digital coin. While President Donald Trump and Federal Reserve chairman Jerome Powell, a Trump appointee, have both expressed concerns about Facebook’s plans for Libra, the legislation is unlikely to be supported by enough Republicans in the House of Representatives or Senate to pass. But it shows that policymakers in the U.S. are ready to back up their worries about Big Tech’s currency plans with legislation. Maxine Waters, the committee’s chair, first called for Facebook to stop work on Libra until elected officials had a chance to study the token on June 18, hours after the company had announced it.
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