A cursory reading of this bill suggests that it blocks “large utility platforms” from creating “digital assets” used as a “medium of exchange or use of value”.

1) Does this language even cover Facebook’s Libra? They’ve been careful to legally insulate themselves somewhat from Calibra / constrain their governance over Libra for this very reason.

2) Wouldn’t this bill simply open a space for independent projects like Theil and Altman’s Reserve currency to do the same thing (establish a self-stabilizing cryptocurrency in developing national markets) with complete impunity? In what sense does this bill meaningfully restrict “big tech” if Facebook stakeholder Theil wins big either way?

3) Assuming 1 and 2 are real problems, what would an appropriate response to projects like Libra be? Short of banning domestic cryptocurrency trade more broadly, I’m not sure what a sufficiently restrictive law would look like.