KEEP BIG TECH OUT OF FINANCE ACT
The Way Out
I guess you are aware of this draft legislation stirred up by the House Democrats of the United States, considering a bill to ban Facebook from the finance industry.
Going forward, I shared more enlightenment on House Democrat, the implication of the Bill and the way out.
The Democratic majority of the House Financial Services Committee introduced draft legislation, titled “Keep Big Tech Out Of Finance Act,” targeting Libra, Facebook’s contemplated new digital currency On July 15th 2019.
You may want to know about the Democratic majority of the House Financial Services Committee, so keep reading.
They are the leaders of the United States House Committee on Financial Services,they oversees the entire financial services industry, including the securities, insurance, banking and housing industries, the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission and other financial services regulators. It is currently chaired by Democrat Maxine Watersfrom California. Waters was elected as chair of the committee, and assumed office on January 3, 2019.
From my research on this matter, I have highlighted few facts about the Implication of the Bill;
The bill aims to prevent tech colossuses from becoming financial institutions. Secondly, It also seeks to prohibit these companies from “establishing, maintaining, or operating a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value,” as defined by the Board of Governors of the Federal Reserve System.
According to the draft, any technology company with annual global revenue of more than $25 billion and predominately engaged in the business of offering online public marketplaces, exchanges, or platforms for connecting third parties would fall under the prohibition. These companies would be subject to a daily $1 million fine for violating either subsection of the bill. This got me thinking, its ridiculous.
The Way Out for The Big Tech
Every Tech company’s aim to be Big, the stakeholders in the ecosystem are aware of this bill not having an official lead yet. What it implies is the Republicans are expected to oppose the draft bill because members of the house are keen to innovation.
Bringing home this idea
The way out remains community scale up, and my new organization that’s Ethereum Foundation has been proactive on this. Within October 6th to 12th , of this year, 50+ that’s selected scholars from around the world would be participate in Devcon 5 @ Osaka. This knowledge driven event will help in reducing knowledge gap as seen among stakeholders in Europe.
The conversation below was an extract from an event organized by the Institute of International Finance, a global banking lobby group, in Brussels. This captures the knowledge gap among various stakeholders from Europe.”EU bankers step up warnings on the threat from big tech”
More facts on the way out is to sponsor block chain training’s:
Here is a comment made by Christine Lagarde, IMF’s Managing Director the current nominee for President of the European Central Bank to resume duties on 1st November 2019.
“She gave a talk at the Bank of England entitled “Central Banking and FinTech, A Brave New World?” providing her views of banking and policy making in the year 2040. Her talk concentrated on three themes (virtual/ digital currencies, new models of financial intermediation and AI, all three major concerns of this paper too) and how they will affect the future as well as what should be done to deal effectively with the challenges they will pose. Her advice was “we−as individuals and communities−have the capacity to shape a technological and economic future that works for all”, adding that we have a responsibility to make it work, assuring that humans will be needed for all important decisions, even though machines will certainly play a greater role as time passes.”
Other fact is to Join Them To Beat Them Through Ed Tech:
The politics of education technology shape and can be shaped by the block chain ecosystem when we get involve directly or indirectly in formulating the right policies.
Take this as a call for an urgent need to develop strategies, to recognize and understand political behavior and to build a strong and supportive network in the political ecosystem.
Few things to note:
who are the real influencers, who champions and mentors other, how influence flows between the parties, build connections, keep developing scholars with skills
The goal of this post is to stir up policy makers, stakeholders involvement to politics so as to encourage innovations in the Block Chain ecosystem.
Disclaimer: The views expressed by the author above do not necessarily represent the views of the Ethereum Foundation.