Every enthusiast of cryptocurrency is interested in seeing the influence of “Keep the big tech companies out of finance” act, if it becomes law, will affect project Libra. However, based on commentaries from legal experts and authoritative opinion leaders in finance and cryptocurrencies, it is possible to point out the possible effects of the proposed bill.
The primary effect of the Libra bill if it becomes a law, is that it will lock out not only Facebook out of finance but also any other tech business out of finance business, including cryptocurrencies. This is to mean that all members of the Libra association are disqualified from engaging in finance or even launching the Libra private cryptocurrency.
The bill is also a lawmakers’ attempt to extend their conflict with Facebook a little further. Facebook’s conflict with the legislators is not new as the social media giant has been accused of preying on the privacy of Facebook users and allowing Cambridge Analytica to use the user data to manipulate political outcomes in different countries across the globe. By proposing the Libra Bill, lawmakers simply want to extend their conflict with Facebook in an attempt to cut the social media giant to size.
Nonetheless, both lawmakers and tech experts understand that cryptocurrency is the future of currencies. As a result, the legislation of issues surrounding digital currencies should offer legal guidance to the development of both public and private cryptocurrencies that might emerge in the future.
In simpler terms, Libra should be left to emerge and compete against such peers as Bitcoin, Litecoin, Ethereum, and Ripple, but legal guidance should be provided to avoid negative implications of the cryptocurrencies.