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A proposal to prevent large technology companies from operating as financial institutions or by issuing digital currencies was circulated for debate to the Democratic majority who heads the House Financial Services Committee, according to a copy of the draft of legislation.
As a more and more minute sign after Facebook Inc.'s proposed Libra digital coin has been widely criticized, the bill proposes a fine of $ 1 million a day for violating these rules.
Such a radical proposal would probably elicit opposition from Republican members of Parliament, eager for innovation, and would probably have trouble getting enough votes to be elected to the lower house.
Even if it had to pbad in full, it should still be adopted by the Senate, which would also be a tough struggle.
Nevertheless, the draft proposal sends a strong message to large, high-tech companies of growing interest in the financial services sector.
The draft bill, entitled "Financial Costs Limitation Act," describes a large technology company as a company offering primarily an online platform service with an annual business turnover of At least $ 25 billion.
"A large platform utility may not establish, maintain or exploit a digital badet intended for widespread use as a means of exchange, unit of account, store of value or any other similar function as defined by the Commission. governors of the Federal Reserve, "he proposes.
Facebook, which would qualify to become such an entity, announced last month that it would launch its global cryptocurrency in 2020.
Facebook and 28 partners, including Mastercard Inc., PayPal Holdings Inc. and Uber Technologies Inc., would form the Libra Association to govern the new play. No bank is currently part of the group.
Last week, US President Donald Trump criticized Libra and other crypto-currencies and asked companies to apply for a banking charter and to submit to US and global regulation if they wished to "become a bank" .
His comments came after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to create a digital currency, Libra, could not go ahead. it did not address concerns about privacy, money laundering, consumer protection and financial stability.
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