Choose an issue recently covered in the news faced by a business in the United States. Discuss the issue involved. Explain how the law and constitution were applied in the resolution.
Please provide citation and reference to sources. Quoted language must be put inside quotation marks and does not count toward the minimum word count.
In late 2019, the United States government proposed to block technology companies from taking the roles of financial institutions. The proposal to prevent major tech companies from offering financial services meant that a section of their business operations could be impacted significantly (Schroeder & Shakil, 2019). The accusation made against these companies was that they had caused a drop in the value of digital currencies such as the Bitcoin. The emphasis was that tech companies tend to break the business rules, thus the need to bar them. Although the future of businesses in the United States would depend primarily on the evolution and dominance of digital currencies, financial institutions need to be safeguarded from the ‘disruptive’ tech companies (Schroeder & Shakil, 2019). Therefore, the legislative draft proposal sent a warning message to most tech companies eyeing the financial service market.
The constitution and the law were applied in the resolution. For instance, the Senate and the relevant legislative committees in the House checked on the proposed draft on the changes to make sure finance services, and other businesses benefiting from these services were not affected in any way | PLACE YOUR ORDER NOW AT writtask.com | changes in the Senate was proposed, which required financial institutions to establish and maintain a smooth adoption of the digital currencies such as Bitcoin per the Constitution | PLACE YOUR ORDER NOW AT writtask.com | principle was that the economy must be sustained by ensuring smooth processes between businesses are maintained. At the same time, legislation was passed to ensure the big tech companies are kept out of …
Schroeder, P. & Shakil, I. (2019). U.S. proposes barring big tech companies from offering financial services, digital currencies. Retrieved from https://www.reuters.com/article/us-usa-cryptocurrency-bill/u-s-proposes-barring-big-tech-companies-from-offering-financial-services-digital-currencies-idUSKCN1U90NL