The host of CNBC’s Crypto Trader says US leaders are now in panic mode over the emerging digital asset revolution.
Ran Neuner says a new proposal called the “Keep Tech Out Of Finance Act” shows how desperate lawmakers are to keep the status quo.
The USA is in full blown panic mode. They are under attack on 2 fronts.
Not only is their financial system being threatened by a new system where they lose control but now they also risk losing more power to the big tech companies.Their natural reaction is to draft pathetic laws pic.twitter.com/neL0VcioA1
— Ran NeuNer (@cryptomanran) July 14, 2019
A draft of the bill is reportedly being circulated by staff members of the House Financial Services Committee and does not yet have any sponsors. It would ban big tech companies from establishing, maintaining or operating digital assets intended to be used as a medium of exchange. Companies that violate the terms would be subject to a $1 million per day fine.
Neuner says Facebook’s Libra has now forced every government in the world to take crypto assets seriously, as David Marcus, the behemoth’s head of the Libra project, prepares to face US lawmakers on Tuesday.
“Like it or not, this week Facebook is sending David Marcus to represent the entire crypto industry in front of Congress.
Rest assured there will be huge impact on the entire industry, worldwide based on his testimony. Facebook has woken up regulators worldwide. Trade carefully.”
Bitcoin bull and founder of Morgan Creek Digital, Anthony Pompliano, agrees, highlighting the remarkable impact Bitcoin has had on global finance since its creation a decade ago.