Foreign media: The congressional leader plans to draft a bill prohibiting large technology companies from launching digital assets

According to The Block, a draft discussion called "Keep Big Tech Out of Finance Act" appeared before Facebook's congressional hearing. The bill aims to prevent technology giants from becoming financial institutions. It also attempts to prohibit these companies from establishing, maintaining, or operating a digital asset that is intended to be widely used as a trading medium, account unit, and value store as defined by the Fed's Board of Governors. According to the draft, any technology company with annual global revenues of more than $25 billion and a third-party connectivity platform that provides online public markets, exchanges or platforms will be subject to bans. If these companies violate any of the bills, they will face a $1 million fine every day. A person familiar with the matter told Block that the discussion draft was proposed by the staff of the House Financial Services Committee. However, there is currently no official statement.