Companies with deep pockets and big connections to Wall St. have teamed up to make the Internet a dirtier place. Legislation is pending
to make large sellers of new goods have to reveal the true seller of the good. The goal of the federal bill is to curtail the sale of fake and stolen goods through online marketplaces. This sounds logical. But not to: eBay, Poshmark, Mercari, and Etsy.
These businesses have hundreds of millions of dollars at stake from banks, investors, and rich people. They don't want a clean, transparent Internet. They don't want anything that will reduce their profits. They want their investment to stear clear of any friction so they can make their investment returns as quickly as possible.
These Internet giants have formed a lobbying group based in Washingston, D.C. with this name:
THE COALITION TO PROTECT AMERICA'S SMALL SELLERS
Let's take a look at these 'small' companies:
eBay has a $41 billion market capitalization.
The other 'little' guys:
Mercari: received $161m in funding
OfferUp: received $380m funding
Poshmark: received $153m funding
This coalition proclaiming to be about protecting small business is be akin to oil companies Exxon, Shell, and BP forming a trade group called:
THE COALITION TO PROTECT AMERICA'S SMALL FISHERIES
It's a ruse. Their goal is to avoid transparency and protect profits.
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