In June, weighing in on Facebook's upcoming cryptocurrency Libra, Tendermint Labs core dev Sunny Aggarwal told me that the advent of cryptocurrencies has pushed big tech, the crypto space, and nation-state governments into a gridlock that will be the "big battle of the next decade."
Judging by a new draft proposal, currently circulating among the Democratic majority that leads the U.S. House Financial Services Committee according to Reuters, this battle has begun.
The bill, bluntly named "Keep Big Tech Out Of Finance Act," aims to "prohibit large platform utilities from being a financial institution or being affiliated with a person that is a financial institution." Read more...
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