Large technology companies would be banned from functioning as financial institutions or issuing digital currencies under a proposed bill targeting Facebook Inc.’s Libra cryptocurrency.

Reuters reports that the bill, the “Keep Big Tech Out of Finance Act” is being circulated for discussion by Democratic members of the House Financial Services Committee.

The timing is not coincidental. The proposal is being circulated ahead of the scheduled appearance of David Marcus, the head of Calibra, the Facebook-owned division that will provide Libra services before the committee Tuesday.

The draft bill specifically targets large technology firms that offer an online platform service with at least $25 billion in annual revenue. “A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as a 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.

Under the proposal, companies that breach the law would be fined $1 million per day.

The proposed bill, clearly designed to target Facebook, would also ban other large U.S. tech firms from providing those services as well. Notable among those companies are Apple Inc., Alphabet Inc. and Microsoft Corp. Although none of those companies currently has a proposal to create a cryptocurrency its ban of financial services could potentially affect plans by Apple.

Apple has long been rumored to be looking at expanding its existing Apple Pay service into more broader financial services, heading down that path with the launch of a credit card in March.

The proposed law is simply that for the moment and would need to obtain broad support before it could progress further. Reuters noted that as it stands, the bill would likely spark opposition from Republican members of the House on the basis that it would stifle innovation.

News of the proposed law came on the same day that Treasury Secretary Steven Mnuchin expressed “serious concerns” about Libra.

“The Treasury Department has expressed very serious concerns that [Facebook cryptocurrency] Libra could be misused by money launderers and terrorist financiers,” Mnuchin is quoted as saying during a press conference. “We will not allow digital asset service providers to operate in the shadows and will not tolerate the use of the cryptocurrencies in support of illicit activities.”

Mnuchin’s comments come after President Trump attacked Libra July 11, saying that the cryptocurrency “will have little standing or dependability” and that 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.”

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