H.R.4813 – Keep Big Tech Out Of Finance Act

Phone: 650.723.2465
Fax: 650.725.0253

Type: Regulation
Date: 10/23/2019
Agency: U.S. House of Representatives
Jurisdiction: United States
Type of Law: Federal
Status: Proposed
Official URL: External link

The aim of the bill is to prohibit large platform utilities from being a financial institution or being affiliated with a person that is a financial institution. It establishes that 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 and it provides a definition of digital asset.