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A bill entitled "Keeping the technologies out of the way" was announced ahead of Facebook's scheduled congressional hearing this week.
The purpose of the bill is to prevent technology giants from becoming financial institutions. It also seeks to prohibit such companies from "establishing, maintaining or exploiting a digital asset intended for large-scale use as a means of exchange, unit of account, store of value", as defined by the Board of Governors of the Fed. .
According to the project, any technology company with annual global sales exceeding $ 25 billion and which is primarily engaged in providing marketplaces, stock exchanges or public platforms online for connection to third parties would fall short. under the ban. These companies would be liable to a daily fine of $ 1 million for breaking any of the sections of the bill.
A source familiar with the matter told The Block that the draft discussion was being presented by the staff of the House Financial Services Committee. However, there is no official track yet.
Keeping Big Tech Out of the Finance Act: Ryan Todd's Discussion Draft on Scribd
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