A draft law of discussion entitled "Keep the law on big business finances" has emerged in view of the congressional hearing scheduled for Facebook this week.
The bill aims to prevent technological giants from becoming financial institutions. It also seeks to prohibit these companies from "establishing, maintaining or managing digital assets that will be widely used as a medium of exchange, unit of account, value reserve" as defined by the Fed's Board of Directors.
According to the draft, any technology company with an annual global turnover of over $ 25 billion and mainly engaged in the business of offering markets, exchanges or online public platforms for third-party connections would be subject to the ban. These companies would be subject to a daily fine of $ 1 million for breach of both subsections of the bill.
A source familiar with the matter told The Block that the discussion project was presented by the staff of the Chamber of Financial Services Committee. However, it does not yet have an official role.