,i #aafth ,,congress #ast ,session ,h4 ,r4 #dhac ,,in ,,the ,,house ,,of ,,representatives ,october #bc1 #bjai,mr4 ,garca of ,illinois introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on ,agriculture1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to prohibit large platform utilities from being a financial institution or being affiliated with a person that is a financial institution1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,keep ,big ,tech ,out ,of ,finance ,act4 #b4 ,prohibition related to large platform utilities 7a7 ,in general ,a large platform utility may not be1 and may not be affiliated with any person that is1 a financial institution4 7b7 ,prohibition related to cryptocurrencies 7#a7 ,in general ,a large platform utility may not establish1 maintain1 or operate a digital asset that is intended to be widely used as medium of exchange1 unit of account1 store of value1 or any other similar function1 as defined by the ,board of ,governors of the ,federal ,reserve ,system4 7#b7 ,definitions ,for purposes of paragraph 7#a71 the ,board of ,governors of the ,federal ,reserve ,system shall define the terms medium of exchange1 unit of account1 and store of value4 7c7 ,wind-,down period ,with respect to a large platform utility-- 7#a7 if the large platform utility is1 or is affiliated with a person that is1 a financial institution on the date of enactment of this ,act1 subsection 7a7 shall not apply to such large platform utility until the end of the #a-year period beginning on the date of enactment of this ,act2 and 7#b7 if the large platform utility maintains or operates a digital asset described under subsection 7b77#a7 on the date of enactment of this ,act1 subsection 7b7 shall not apply to such large platform utility until the end of the #a-year period beginning on the date of enactment of this ,act4 7d7 ,penalty ,any large platform utility or financial institution that violates subsection 7a7 or 7b7 shall be subject to a fine of not more than #a1jjj1jjj per each day of such violation1 in an action brought by the appropriate ,federal financial regulator4 7e7 ,rulemaking ,the appropriate ,federal financial regulators may issue rules to carry out this section4 7f7 ,definitions ,in this section3 7#a7 ,affiliate ,the term affiliate has the meaning given that term under section #b of the ,bank ,holding ,company ,act of #aief4 7#b7 ,alternative trading system ,the term alternative trading system has the meaning given that term under section #bdb4cjj of title #ag1 ,code of ,federal ,regulations4 7#c7 ,appropriate ,federal financial regulator ,the term appropriate ,federal financial regulator means-- 7,a7 the appropriate ,federal banking agency2 7,b7 the ,commodity ,futures ,trading ,commission1 in the case of a commodity pool operator1 commodity trading advisor1 and a futures commission merchant2 7,c7 the ,national ,credit ,union ,administration ,board1 in the case of a credit union2 7,d7 the ,securities and ,exchange ,commission1 in the case of an alternative trading system1 a broker1 a dealer1 an investment adviser1 an investment company1 a national securities exchange1 and a private fund2 and 7,e7 the ,board of ,governors of the ,federal ,reserve ,system1 in the case of a financial institution or a large platform utility that does not otherwise have an appropriate ,federal financial regulator under subparagraph 7,a7 through 7,d74 7#d7 ,banking definitions ,the terms appropriate ,federal banking agency1 depository institution1 and depository institution holding company have the meaning given those terms1 respectively1 under section #c of the ,federal ,deposit ,insurance ,act4 7#e7 ,commodities definitions ,the terms commodity pool operator1 commodity trading advisor1 and futures commission merchant have the meaning given those terms1 respectively1 under section #a;a of the ,commodity ,exchange ,act4 7#f7 ,credit union ,the term credit union means a ,federal credit union or a ,state credit union1 as such terms are defined1 respectively1 under section #aja of the ,federal ,credit ,union ,act4 7#g7 ,digital asset ,the term digital asset means an asset that is issued and transferred using distributed ledger or blockchain technology1 including1 so-called virtual currencies1 coins1 and tokens4 7#h7 ,financial institution ,the term financial institution means-- 7,a7 an alternative trading system2 7,b7 a branch or agency of a foreign bank1 as defined in section #a7;b7 of the ,international ,banking ,act of #aigh2 7,c7 a broker2 7,d7 a commodity pool operator2 7,e7 a commodity trading advisor2 7,f7 a credit union2 7,g7 a dealer2 7,h7 a depository institution2 7,i7 a depository institution holding company2 7,j7 a futures commission merchant2 7,k7 an investment adviser2 7,l7 an investment company2 7,m7 a national securities exchange2 7,n7 an organization operating under section #be or #be;,a of the ,federal ,reserve ,act2 7,o7 a private fund2 7,p7 a ,state-licensed money services business2 and 7,q7 any company engaged in activities that are financial in nature or incidental to a financial activity1 as described in section #d of the ,bank ,holding ,company ,act of #aief4 7#i7 ,large platform utility ,the term large platform utility means a technology company-- 7,a7 with an annual global revenue of #be1jjj1jjj1jjj or more2 and 7,b7 that is predominately engaged in the business of offering to the public an online marketplace1 an exchange1 or a platform for connecting third parties4 7#aj7 ,money services business ,the term money services business has the meaning given that term under section #ajaj4ajj of title #ca1 ,code of ,federal ,regulations4 7#aa7 ,private fund ,the term private fund has the meaning given that term under section #bjb7;a7 of the ,investment ,advisers ,act of #aidj4 7#ab7 ,securities definitions ,the terms broker1 dealer1 investment adviser1 investment company1 and national securities exchange have the meaning given those terms1 respectively1 under section #c of the ,securities ,exchange ,act of #aicd4