• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Facebook Crypto Haters Proposes Doomsday Bill; Bitcoin to Benefit?

Davit Babayan by Davit Babayan
2 years ago
in Bitcoin
Reading Time: 3min read
bitcoin crypto
Advertisement

A “discussion draft” bill set out to spell doomsday on the dreams of many financial technology projects is making rounds on Crypto Twitter.

Unconfirmed yet unsettling, the “Keep Big Tech Out of Finance” bill proposes to “prohibit large platform utilities” from becoming a financial institution or getting affiliated with a person that runs a financial institution.” In the case of non-compliance, the violator in question would need to pay a fine not more than $1 million for each day of violation.

“A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as a 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,” read the bill.

Facebook Libra Hearing on Tuesday

The draft surfaced ahead of a congressional meeting on the Facebook cryptocurrency Libra, scheduled on July 16. The U.S. House Financial Services Committee so far has reserved a strict view on the social media giant’s foray into the financial sector, with many members ordering it to halt developing it until further notice.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Officials of the US leading government and regulatory agencies feel the same. Last week, Federal Reserve Chairman Jerome Powell said in his congressional address that Libra posed severe concerns regarding money laundering and economy destabilization. Hours later, US President Donald Trump tweeted against the cryptocurrency project, iterating that Facebook would need to go through a rigorous regulatory procedure as banks do.

….Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…

— Donald J. Trump (@realDonaldTrump) July 12, 2019

The new bill, nevertheless, clarifies that the government does not even want technology firms to compete with their commercial counterparts. Anthony Pompliano, co-founder & partner at Morgan Creek Digital, called out the unfair competitive advantage with a sarcastic “Wow,” adding:

“Unlikely to succeed, but this is the most bullish thing for Bitcoin I’ve heard in weeks.”

Bitcoin Trends Cautiously

The weekend price action in the bitcoin market is showing a cautious take at the investors’ end. The world’s leading cryptocurrency, which rose to its year-to-date high of $13,868.44 after Libra’s technical paper launch, now stands almost 18 percent lower. But as Pompliano stated, it is in for a ride to the upside.

facebook, libra, bitcoin, bitcoin price
Bitcoin Price Trending Inside a Bull Pennant | Image Credits: TradingView.com

Bitcoin reportedly jumped almost twofold on rumors that Facebook Libra would boost its name and fame among the ordinary people. Investors jumped into it to speculate and, as typical in any market, exited it atop local highs to make an attractive interim profit. But as many believe, many of those investors would stay back in the bitcoin market, given a string of gloomy economic issues that lie ahead.

Facebook Libra’s dismissal by the US Congress, for instance, could project bitcoin as the only real cryptocurrency alternative that does not bend before political bullying. Subsequently, Trump’s open declaration about manipulating the US dollar rates in the future makes an entire use case for bitcoin, as noted by Jameson Lopp of CASA. The chief technology officer said on Wednesday:

“There’s one perspective that Bitcoin need not do anything else to become a global reserve currency: all it needs to do is nothing as it watches other systems inevitably fail under the follies of fickle fallible humans.”

Trump’s anti-bitcoin tweet on Thursday has furthered bitcoin’s popularity. People are finally speaking about it at dinner tables (its a personal experience). That makes a super bullish case for an asset that has been compared to Ponzi schemes, financial scams, and even rat poisons.

The Libra doomsday bill could set an example of how much control governments enjoy over an individual’s financial freedom.

Tags: bitcoincryptocurrencyfacebooklibra
TweetShare67
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Related Posts

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Price Outlook: Executive Sees BTC/USD At $60,000

3 hours ago
Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

1 day ago
bitcoin miner btc bullish

Bullish Bitcoin Miners Cease Selling For The First Time Since 2020

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bulls Go Ballistic On Twitter’s $1.25bn Convertible Note Offering

2 days ago
Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

2 days ago
Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

5 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

First-Ever Public Tron-based Smart Contract

March 3, 2021

ECOMI to List OMI Tokens with BitMax

March 3, 2021

eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal

March 2, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.