House Democrats are considering a bill to ban Facebook from the finance industry (2 minute read)
A new bill dubbed the ‘Keep Big Tech Out of Finance Act’ is currently being considered by Democrats in Congress. The bill states that large platforms, tech companies with an annual global revenue of $25,000,000,000 or more, may not be affiliated with a financial institution. This would mean that Facebook would not be able to continue with its Libra cryptocurrency project. It is unclear how this will affect companies like PayPal if their annual revenue reaches $25 billion. Treasury secretary Steve Mnuchin expressed concerns over the Libra cryptocurrency, saying that it could be misused by money launderers and terrorist financiers. The bill has not yet been introduced to Congress, so its contents are not final.