Saudi Press

Saudi Arabia and the world
Friday, Aug 21, 2026

New US House Bill Would Ban Big Tech From 'Banking', Fine Facebook's Libra $1 Million Per Day

New US House Bill Would Ban Big Tech From 'Banking', Fine Facebook's Libra $1 Million Per Day

The Democratic majority on the House Financial Services Committee has drafted legislation that would issue fines to Big Tech companies for distributing digital currency or operating as a financial organization.

Shortly before Treasury Secretary Stephen Mnuchin held his crypto-fearmongering press conference, a drafted bill entitled “Keep Big Tech out of Finance” has surfaced online, allegedly deriving from within the United States House of Representatives Financial Services Committee. The document’s metadata dates it July 12.

“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.”


 “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action”

The legislation comes as lawmakers have voiced concern over the intentions of Facebook, PayPal, Mastercard, Uber and other companies to come together to create Libra - a new type of cryptocurrency similar to bitcoin.

Facebook first announced the project in May 2019, prompting consumers and lawmakers to voice their worries about the plan. Even President Donald Trump weighed in on the issue, tweeting that he does not favor the use of cryptocurrencies.

"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity," the president said last week.

"Similarly, Facebook Libra's 'virtual currency' will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar," he added in two additional tweets.

The "Keep Big Tech Out Of Finance Act" legislation seeks to define what exactly is considered a Big Tech company and to prevent them from distributing virtual dollars and from operating as a financial institution.

"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," the bill reads, according to Reuters.

The legislation also proposes that companies which violate the parameters outlined in the bill can be fined up to $1 million per day.

Facebook recently agreed on a $5 billion fine as part of a settlement with the Federal Trade Commission over violations of privacy laws.

The report comes days before representatives from Google, Amazon, Facebook and Apple all will testify before the House Judiciary Committee's antitrust subcommittee. The same day, David Marcus, the head of Facebook's Calibra — an internet wallet that will allow users on the social media platform to store and send Libra - will also attend a hearing about Libra held by the Senate Banking Committee. Marcus will also visit the House Financial Services Committee on Wednesday.

Members of the House Financial Services Committee have already called for Facebook to pause the project, which the social media platform plans to launch sometime in 2020.

According to Financial Services Chairwoman Maxine Waters (D-Cali.), the committee wants to investigate the impact that the digital currency could have on global markets.

"If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability. These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past," Waters said in a letter addressed Facebook's CEO Mark Zuckerberg, Chief Operating Officer Sheryl Sandberg and Marcus.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Cristiano Ronaldo and Georgina Rodríguez Sign Prenup Protecting Their Separate Fortunes
Google Launches Pixel 11 With Gemini AI at the Center of Its Hardware Strategy
Turkish Parliament Passes Landmark Bill Granting Conditional Amnesty to Disarmed PKK Members
Jorge Messi, Lionel Messi’s Father and Longtime Agent, Dies at 68
AI’s Next Bottleneck Is Power, Not Just Nvidia Chips
Meta Raises AI Spending Target to as Much as $145bn Despite Pressure Over Returns
Joe Biden’s Cancer Has Spread Beyond His Bones, Hunter Biden Says
Why 2027 Could Be a Strong Year for Stocks—and Why the Forecast Is Fragile
Why Markets May Look Quiet in August After Big Tech Earnings
Trump’s Top General Seeks an Exit Strategy From Iran War, Report Says
Brock Lesnar Retires From Wrestling, Closing a Career of Rare Athletic Range and Lasting Controversy
UFO: Pentagon Releases Video of Unidentified Object Tracked Over Middle East
Ukraine Tells Senate Republicans Its Drone War Offers a Blueprint for America
Weight-Loss Drug Boom Tests the Limits of Prescription Advertising Rules
Saudi Arabia, Turkey and Pakistan Sign Mutual-Defence Pact
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
A SpaceX Rocket Is About to Crash Into the Moon — and Scientists Hope to Watch
Modern Slavery Decisions Broaden the Al Fayed Inquiry’s Frame
FIFA’s Retreat Leaves a Larger Question Over Who Guards the Game
Finland Deploys Commercial-Scale Thermal Batteries Using Crushed Rock to Store Renewable Grid Energy
Valued at $109 Million: F-35B Fighter Jet Crashes in Southern California
US Says It Has Carried Out Heavy Strikes on Iran After Attempted Attacks on Its Forces
Over 24 Hours in the Air: Qantas Airbus Completes Record-Breaking Test Flight
Arrest Warrant Issued in Lebanon for Tycoon Spotted Meeting Netanyahu in Washington
Trump says Israel ‘would not survive’ without US
Nvidia Reportedly Takes Vast Texas Data-Centre Lease to Underwrite AI Expansion
FIFA’s Private-Investment Plan for World Cup Rights Draws European Revolt
Following OpenAI's Cyberattack: 'Most Companies Still Do Not Understand What Is Coming'
OpenAI Sued After ChatGPT Allegedly Discouraged Emergency Care Before Near-Fatal Embolism
Miliband Sets Climate and International Law at Centre of UK Diplomacy
Pentagon Discloses Nearly 100 US Troop Injuries During Renewed Iran Fighting
Trump Readies New Tariffs as Temporary Global Levy Nears Expiry
High Prices Push Coffee Drinkers Toward Whole Beans and Home Brewing
Trump Draws Boos and Podium Scrutiny at Spain’s World Cup Triumph
Spain Defeats Argentina in Extra Time to Win Second World Cup
Turkey Explores S-400 Transfer to UAE in Bid to Rejoin F-35 Program
US Retaliates Against Iran After Two American Troops Killed in Jordan
Proposed U.S.-Saudi Nuclear Pact Could Permit Limited Uranium Enrichment Under International Safeguards
Why Kentucky Fried Chicken Became KFC—and Why the False Explanations Persist
Iran Claims It Destroyed Bahrain’s Main Artificial Intelligence Center in Missile and Drone Strike
Ukrainian Drones Strike Wildberries Warehouses Deep Inside Russia
Reported CIA Mission Helped Clear the UAE’s Path to Advanced US AI Chips
Artificial Intelligence Capital Fuels Markets While Governments and Regulators Face Mounting Strategic Tests
China’s Moonshot’s Kimi K3 Narrows the Gap With Anthropic Through Scale, Openness and Lower Cost
Gold and Cash Seizure Puts Indonesia’s Senior Anti-Corruption Prosecutor Under Investigation
The Ledger Will Not Trust on Faith
Passenger Bound for Germany Refused to Sit Beside a Woman on a Plane — Then Slapped a Flight Attendant
Ukraine’s Leadership Rift Spills Into the Streets as Protesters Target Army Chief
The Ten World Cup Finals That Defined Football History
Smartphones Are Getting More Expensive, Sales Are Collapsing, and Even Apple Admits: "Prices Will Rise"
×