Thread by @Crypto_Edge

1/ Draft of a Congressional bill titled "Keep Big Tech Out of Finance" Act is significant.
Note out this announced is right on the heals of Trump tweeting his feelings about #Bitcoin and #Cryptocurrency in general and specifically called out #Facebook #Libra...

2/ FB jumping in the financial industry with their 2billion userbase to tap into *is* a wakeup call. They laughed at #Bitcoin because it was small, but with FB they see a threat.

I'm no fan of #ZuckBucks but I think the #Crypto industry needs to get on #TeamFB with this bill.

3/ This knee jerk reaction to #BigBanks not liking their domain being disrupted by #BigTech, so they're getting Congress involved. It's clearly an overreach in govt trying to coddle #BigBanks, a relationship that needs to seperated more through disruptive tech, not less.

4/ If #BigBanks see #libra as a threat, there is no limit to how far they can take this fight. FB has managed to get support from other major financial industry players like Mastercard, Visa, Paypal. I bet they've worked on getting other banking partners as well.

5/ If #BigBanks start leveraging their govt influence to ouste #BigTech from their domain, it could damage the overall acceptance of #cryptocurrency adoption and use for a while. Of course #bitcoin doesn't care what Congress thinks, but the adverage normey might.

6/ As a community, we have to use this as an opportunity to fight against #BigBanks on a ground of 1st Amendment rights, money is speech, and Congress has no right to infringe on what people want to use in commerce.

7/ It will be intersting what the court of public opinion will say. The dynamics here are very complex and could go in many directions.

As this plays out, I would #BuyBitcoin... as much as you possibly can.

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