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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…

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