A drafted bill to keep big tech firm out of financial industry surfaced

14 Jul, 2019 | Updated: 14 Jul, 2019
by Fifi Arisandi
News
A drafted bill to keep big tech firm out of financial industry surfaced

A bill draft that prohibits big tech companies' involvement in the financial industry just emerged, allegedly it was released by the Financial Services Committee of the United States House of Representatives. 

The Financial Services Committee of the United States House of Representatives allegedly released a bill draft related to major tech companies’ involvement in the financial industry.

Titled “Keep Big Tech Out of Finance Act”, the draft emerged just days before Facebook’s congressional hearing early next week.

Quoting the document, “A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System.”

The “large platform utility” mentioned in the draft is said to refer to a tech company that earns annual global revenue over $25 billion and engaged predominantly in the business of offering online public marketplaces, exchanges, or platforms for connecting third parties.

Moreover, such company is subject to a daily $1 million fine for violating any of the bill’s subsection, as reported by The Block.

Although there’s no official confirmation yet, an inside source said that the bill draft is released by the Financial Services Committee.

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