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.
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