So then would financial services companies not be allowed to offer tech services?
And what, precisely, is a tech company? How is that unambiguously defined?
And what, precisely, is a tech company? How is that unambiguously defined?
Think about it, why are we targeting tech? If having tech mix with finance is bad, shouldn't we disallow finance companies from offering tech services?
If it's not bad, then why are we doing it at all?
This really sounds like these politicians are once again doing too much of something no one asked for, and nothing at all about what we did ask for, privacy protection.
All they need to do is make a HIPAA like law that criminalizes any sharing of personal data at all for commercial purposes. With mandatory prison sentences for offenders. That's it. Do that and you stop all kinds of egregious privacy invasions in their tracks.
That's a really simple ask, and yet they won't do it. It's starting to get a little infuriating. No one cares about whether paypal or ebay offer a prepaid debit card or whatever. Anymore than anyone cares about Walmart offering prepaid debit. We want to make it illegal for ANY of these companies to share information. Full stop.
Why can't these people do such a simple thing that makes a whole lot of sense? The EU has protections. Even the AU has started drafting the privacy protections regs for their new zone. Why can't we in the US do that same, very simple, thing?
Worst part is now instead of having to worry about what ebay, paypal, and amazon are doing with that data, I have to worry about what thousands of anonymous smaller vendors are doing with my data after they purchase it. In a very real way, these politicians are turning what was a 9mm round flying at me, into a shotgun blast...
and then saying, "Hey don't thank us!!!"
Don't worry I won't.
> The draft legislation, “Keep Big Tech Out Of Finance Act,” describes a large technology firm as a company mainly offering an online platform service with at least $25 billion in annual revenue.
Robinhood is reselling financial services from another registered financial institution.
There’s a lot of money on the line.
Really? Because I was under the impression that they're more worried about companies minting "currency".
Libra is not a threat as long as Facebook plays well with regulators and various nations’ tax offices. In addition, Libra will be run by a spin-off company, not directly by Facebook.
Apple is potentially going to cut EMV out of the loop.
Companies with an annual global revenue of $25 billion or
more and that offer to the public an online marketplace, an
exchange, or a platform for connecting third parties would be
designated as "platform utilities."
You're not going to compete with Venmo, PayPal and Libra with "same day if I get it in by noon"
ACH goes through the FED before it is processed by the receiving bank. Is SEPA sent to the ECB before clearing?
I’ve worked in Fintech for 6+ years. Banks are dinosaurs and the US banks are terrible at adopting new processes/tech.
In the US we are in a standard war with ACH, Zelle, and other payment schemes fighting for market share.