Nipate
Forum => Kenya Discussion => Topic started by: vooke on July 15, 2019, 11:00:47 PM
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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 designed to preempt congressional authority to take decisive action on the issue of Libra.
https://cointelegraph.com/news/drafted-keep-big-tech-out-of-finance-act-surfaces-days-before-libra-hearings
Seems like anything that threatens Dollar hegemony is unAmerican
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Libra is a fake crypto owned by 12 'partners' - Facebook Calibra, Visa, et al - who can be subpoenaed or sanctioned by Uncle Sam, EU or any top kahuna. Furthermore it can be hacked or physically sabotaged - potentially - since the partners maintain known facilities alongside their established services. It's also coupled or pegged IMF-style on the $-€-£-¥- etc - meaning the stability comes at the price of dependence on the states. It almost like diamond or gold - where the producers are the printers and value setters. No thousands of global miners. More like a corporate Euro. Nothing crypto about it.
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Libra is a fake crypto owned by 12 'partners' - Facebook Calibra, Visa, et al - who can be subpoenaed or sanctioned by Uncle Sam, EU or any top kahuna. Furthermore it can be hacked or physically sabotaged - potentially - since the partners maintain known facilities alongside their established services. It's also coupled or pegged IMF-style on the $-€-£-¥- etc - meaning the stability comes at the price of dependence on the states. It almost like diamond or gold - where the producers are the printers and value setters. No thousands of global miners. More like a corporate Euro. Nothing crypto about it.
With all those 'defects' why is it spooking Trumpistan?
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Libra is a fake crypto owned by 12 'partners' - Facebook Calibra, Visa, et al - who can be subpoenaed or sanctioned by Uncle Sam, EU or any top kahuna. Furthermore it can be hacked or physically sabotaged - potentially - since the partners maintain known facilities alongside their established services. It's also coupled or pegged IMF-style on the $-€-£-¥- etc - meaning the stability comes at the price of dependence on the states. It almost like diamond or gold - where the producers are the printers and value setters. No thousands of global miners. More like a corporate Euro. Nothing crypto about it.
With all those 'defects' why is it spooking Trumpistan?
It already 'spooked' the analysts who have dismissed it like overnight omena. It's a non-starter. What was Zuckerberg thinking? It's not even an innovation.