Report: US House Bill Bans Tech Giants Issuing Digital Currency with $1 Million Daily Penalty

[ChainDD report] July 17 (ChainDD) According to a copy draft bill seen by Reuters, some of Democratic Representatives of the US House Committee on Financial Services, tries to ban major technology companies’ function as financial institutions and issuing digital currencies.

The draft bill requires technology giants not to offer online platform services with at least $25 billion in annual revenue and impose $1 million penalty per day for any violation. “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 Governors of the Federal Reserve System,” it wrote.

Reuters said the bill may be difficulty in passing by the House for it is likely to be intensely opposed by Republicans who are advocates for innovations. And even it gains enough votes in the House; it also has to be approved by the Senate. Anyway, it strongly signals technology giants increasingly targeting the financial service sector.

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