I 
116TH CONGRESS 
1ST SESSION H. R. 4813 
To prohibit large platform utilities from being a financial institution or 
being affiliated with a person that is a financial institution, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 23, 2019 
Mr. GARCI´A of Illinois introduced the following bill; which was referred to the 
Committee on Financial Services, and in addition to the Committee on 
Agriculture, for a period to be subsequently determined by the Speaker, 
in each case for consideration of such provisions as fall within the juris-
diction 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 institution, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Keep Big Tech Out 
Of Finance Act’’. 
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SEC. 2. PROHIBITION RELATED TO LARGE PLATFORM UTIL-
ITIES. 
(a) IN GENERAL.—A large platform utility may not 
be, and may not be affiliated with any person that is, a 
financial institution. 
(b) 
PROHIBITION
RELATED
TO 
CRYPTOCURRENCIES.— 
(1) IN GENERAL.—A large platform utility may 
not establish, maintain, or operate a digital asset 
that is intended to be widely used as medium of ex-
change, unit of account, store of value, or any other 
similar function, as defined by the Board of Gov-
ernors of the Federal Reserve System. 
(2) DEFINITIONS.—For purposes of paragraph 
(1), the Board of Governors of the Federal Reserve 
System shall define the terms ‘‘medium of ex-
change’’, ‘‘unit of account’’, and ‘‘store of value’’. 
(c) WIND-DOWN PERIOD.—With respect to a large 
platform utility— 
(1) if the large platform utility is, or is affili-
ated with a person that is, a financial institution on 
the date of enactment of this Act, subsection (a) 
shall not apply to such large platform utility until 
the end of the 1-year period beginning on the date 
of enactment of this Act; and 
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(2) if the large platform utility maintains or op-
erates a digital asset described under subsection 
(b)(1) on the date of enactment of this Act, sub-
section (b) shall not apply to such large platform 
utility until the end of the 1-year period beginning 
on the date of enactment of this Act. 
(d) PENALTY.—Any large platform utility or finan-
cial institution that violates subsection (a) or (b) shall be 
subject to a fine of not more than $1,000,000 per each 
day of such violation, in an action brought by the appro-
priate Federal financial regulator. 
(e) RULEMAKING.—The appropriate Federal finan-
cial regulators may issue rules to carry out this section. 
(f) DEFINITIONS.—In this section: 
(1) AFFILIATE.—The term ‘‘affiliate’’ has the 
meaning given that term under section 2 of the 
Bank Holding Company Act of 1956. 
(2) 
ALTERNATIVE
TRADING
SYSTEM.—The 
term ‘‘alternative trading system’’ has the meaning 
given that term under section 242.300 of title 17, 
Code of Federal Regulations. 
(3) APPROPRIATE FEDERAL FINANCIAL REGU-
LATOR.—The term ‘‘appropriate Federal financial 
regulator’’ means— 
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(A) the appropriate Federal banking agen-
cy; 
(B) the Commodity Futures Trading Com-
mission, in the case of a commodity pool oper-
ator, commodity trading advisor, and a futures 
commission merchant; 
(C) the National Credit Union Administra-
tion Board, in the case of a credit union; 
(D) the Securities and Exchange Commis-
sion, in the case of an alternative trading sys-
tem, a broker, a dealer, an investment adviser, 
an investment company, a national securities 
exchange, and a private fund; and 
(E) the Board of Governors of the Federal 
Reserve System, in the case of a financial insti-
tution or a large platform utility that does not 
otherwise have an appropriate Federal financial 
regulator under subparagraph (A) through (D). 
(4) BANKING
DEFINITIONS.—The terms ‘‘ap-
propriate Federal banking agency’’, ‘‘depository in-
stitution’’, and ‘‘depository institution holding com-
pany’’ have the meaning given those terms, respec-
tively, under section 3 of the Federal Deposit Insur-
ance Act. 
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(5) COMMODITIES
DEFINITIONS.—The terms 
‘‘commodity pool operator’’, ‘‘commodity trading ad-
visor’’, and ‘‘futures commission merchant’’ have the 
meaning given those terms, respectively, under sec-
tion 1a of the Commodity Exchange Act. 
(6) CREDIT UNION.—The term ‘‘credit union’’ 
means a Federal credit union or a State credit 
union, as such terms are defined, respectively, under 
section 101 of the Federal Credit Union Act. 
(7) DIGITAL ASSET.—The term ‘‘digital asset’’ 
means an asset that is issued and transferred using 
distributed ledger or blockchain technology, includ-
ing, so-called ‘‘virtual currencies’’, ‘‘coins’’, and ‘‘to-
kens’’. 
(8) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’ means— 
(A) an alternative trading system; 
(B) a branch or agency of a foreign bank, 
as defined in section 1(b) of the International 
Banking Act of 1978; 
(C) a broker; 
(D) a commodity pool operator; 
(E) a commodity trading advisor; 
(F) a credit union; 
(G) a dealer; 
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(H) a depository institution; 
(I) a depository institution holding com-
pany; 
(J) a futures commission merchant; 
(K) an investment adviser; 
(L) an investment company; 
(M) a national securities exchange; 
(N) an organization operating under sec-
tion 25 or 25A of the Federal Reserve Act; 
(O) a private fund; 
(P) a State-licensed money services busi-
ness; and 
(Q) any company engaged in activities that 
are financial in nature or incidental to a finan-
cial activity, as described in section 4 of the 
Bank Holding Company Act of 1956. 
(9) LARGE
PLATFORM
UTILITY.—The term 
‘‘large platform utility’’ means a technology com-
pany— 
(A) with an annual global revenue of 
$25,000,000,000 or more; and 
(B) that is predominately engaged in the 
business of offering to the public an online mar-
ketplace, an exchange, or a platform for con-
necting third parties. 
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(10) MONEY SERVICES BUSINESS.—The term 
‘‘money services business’’ has the meaning given 
that term under section 1010.100 of title 31, Code 
of Federal Regulations. 
(11) PRIVATE FUND.—The term ‘‘private fund’’ 
has the meaning given that term under section 
202(a) of the Investment Advisers Act of 1940. 
(12) SECURITIES
DEFINITIONS.—The terms 
‘‘broker’’, ‘‘dealer’’, ‘‘investment adviser’’, ‘‘invest-
ment company’’, and ‘‘national securities exchange’’ 
have the meaning given those terms, respectively, 
under section 3 of the Securities Exchange Act of 
1934. 
Æ 
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