July 15, 2019

OH: U.S. proposes barring big tech companies from offering financial services, digital currencies. “In a sign of widening scrutiny after Facebook Inc’s (FB.O) proposed Libra digital coin aroused widespread objection, the bill proposes a fine of $1 million per day for violation of such rules.”

Whatever you think of Facebook, Libra, or this legislation, $1 million a day probably isn’t much of a deterrent to a company which enjoyed revenues of nearly $56 billion last year. In fact, shares jumped last week when the FTC announced a fine on the company of “only” $5 billion.

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