In concert with highly-critical hearings on Libra, House Financial Services Committee Chairwoman Waters (D-CA) released a discussion draft that goes well beyond the crypto-asset, privacy, and data-protection standards other Members have introduced.  The bill seeks simply to bar large tech-platform companies from engaging in finance or being affiliated with a financial institution.  Although finance is broadly defined via a list of industry charters, the manner in which the draft bill is constructed does not appear to bar big-tech companies which trigger the “platform utility” definition from engaging in finance on their own or in an arrangement with a financial institution it this does not trigger “financial institution” or “affiliate” definitions.

The full report is available to retainer clients. To find out how you can sign up for the service, click here.