QUICK TAKE: What’s the Deal with Keep Big Tech Out of Finance Act?

QUICK TAKE: What’s the Deal with Keep Big Tech Out of Finance Act?

August 8th, 2019   |   Trader Magazine

That’s what Jay Arcata, a lawyer by education and the vice president of client operations at BX3 Capital, a business advisory firm that helps companies get situated with fundraising and professional services, said about the recently discussed Keep Big Tech Out of Finance Act. The Act, currently in draft form in the House of Representative, would forbid online platforms with annual revenue of at least $25 billion from either becoming or affiliating with financial institutions, as well as preventing them from issuing their own cryptocurrencies.

IE – Facebook. And beware others like Amazon or Google.

Arcata told Traders Magazine that effectively, this bill is a reaction to Facebook’s proposed Libra cryptocurrency. He said that first, it is important to note that this is a “discussion draft” at this point and not a full-fledged bill.