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RE: US draft bill seeks to ban big tech from taking over economy with private cryptocurrencies
This is all levels of stupid...but that second part worries me, "...or being affiliated with a person that is a financial institution." Other than that being a weird ass choice of wording...does that suggest that there are things in the bill to prevent major tech companies from working with companies that are in the crypto sphere?
I can't believe someone wasted their time on this shit... I guess it's possible that the people in office might be stupid enough to enact it...but you can't hold back change. Huge companies are using crypto and the blockchain because it is a useful technology. Are they going to stop? Doubt it. They'll probably just hire people to make sure if this does pass, it loses it's teeth...or even that they leave the US.
The intent isn't to hold back development of new technologies, the intent is to put into place measures to insure the integrity of the financial world markets. During testimony to the senate on the determination that cryptos do hold monetary value so people could move forward with lawsuits over losses the SEC chairman stated:
Through the years, technological innovations have improved our markets, including through increased competition, lower barriers to entry and decreased costs for market participants. Distributed ledger and other emerging technologies have the potential to further influence and improve the capital markets and the financial services industry. Businesses, especially smaller businesses without efficient access to traditional capital markets, can be aided by financial technology in raising capital to establish and finance their operations, thereby allowing them to be more competitive both domestically and globally. And these technological innovations can provide investors with new opportunities to offer support and capital to novel concepts and ideas.
History, both in the United States and abroad, has proven time and again that these opportunities flourish best when pursued in harmony with our federal securities laws. These laws reflect our tripartite mission to protect investors, maintain fair, orderly and efficient markets and facilitate capital formation. Being faithful to each part of our mission not in isolation, but collectively, has served us well. Said simply, we should embrace the pursuit of technological advancement, as well as new and innovative techniques for capital raising, but not at the expense of the principles undermining our well-founded and proven approach to protecting investors and markets.