As the cryptocurrency universe enters 2020, U.S. lawmakers are drafting bills to provide clarity around stablecoins and offer regulations for tech companies like Facebook (NASDAQ:FB) that might want to create their own cryptocurrencies.
The draft legislation “Keep Big Tech Out Of Finance Act” was proposed on July 15, 2019 by the Democratic majority of the House Financial Services Committee. While this legislation specifically targets Libra, a new digital currency spearheaded by Facebook, the proposal aims to prevent big technology companies from operating like financial institutions.