Congressional leaders have drafted a bill that would ban Big Tech from launching a digital asset

14/07/2019 - 14:06

A draft discussion bill titled, "Keep Big Tech Out of Finance Act," has surfaced ahead of Facebook's slated congressional hearing this week.

The bill aims to prevent tech colossuses from becoming financial institutions. It also seeks to prohibit these companies from "establishing, maintaining, or operating a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value," as defined by the Board of Governors of the Fed.