Definitions

(a) In general In this Act: (1) Antitrust laws; person The terms antitrust laws and person have the meanings given the terms in subsection (a) of the first section of the Clayton Act (15 U.S.C. 12). (2) Average annual gross revenues The term average annual gross revenues means, with respect to a person, the average of the total gross revenues or net sales of the person and all entities controlled by the person for the 2 most recently completed fiscal years, as reflected in the consolidated financial statements of the person prepared in the ordinary course of business. (3) Business user The term business user — (A) means a person that uses or is likely to use a systemically important platform to advertise, sell, provide products or services, or access users and customers, including such persons that are operating a systemically important platform or are controlled by a systemically important platform operator; and (B) does not include a person that— (i) is a clear national security risk; or (ii) is organized under the laws of or controlled by the Government of the People’s Republic of China or the government of another foreign adversary. (4) Commission The term Commission means the Federal Trade Commission. (5) Control The term control means, with respect to a person— (A) holding 25 percent or more of the stock of the person; (B) having the right to 25 percent or more of the profits of the person; (C) in the event of the dissolution of the person, having the right to 25 percent or more of the assets of the person; (D) if the person is a corporation, having the power to designate 25 percent or more of the directors of the person; (E) if the person is a trust, having the power to designate 25 percent or more of the trustees; or (F) otherwise exercising substantial control over the person. (6) Data The term data means information that is collected by or provided to a systemically important platform or business user that is linked, or reasonably linkable, to a specific— (A) user or customer of the systemically important platform; or (B) user or customer of a business user. (7) Foreign adversary The term foreign adversary has the meaning given the term in section 8(c) of the Secure and Trusted Communications Networks Act of 2019 (47 U.S.C. 1607(c)). (8) Materially harms competition The term materially harms competition means any actual or reasonable risk of lessening of competition or impairing the competitive process that is more than a de minimis amount. (9) Monthly active user The term monthly active user means a unique person in the United States who, during a calendar month, initiates an interaction with the online platform, regardless of whether the user logs in or otherwise authenticates themselves. (10) Online platform The term online platform — (A) means a website, online or mobile application, operating system, digital assistant, or online service that— (i) enables a user to generate or share content that can be viewed by other users on the platform or to interact with other content on or through the platform; (ii) facilitates the offering, advertising, sale, purchase, payment, or shipping of products or services, including software applications, between and among consumers or businesses not controlled by the systemically important platform operator; or (iii) enables user searches or queries that access or display a large volume of information; and (B) does not include a service by wire or radio that provides the capability to transmit data to and receive data from all or substantially all internet endpoints, including any capabilities that are incidental to and enable the operation of the communications service. (11) Publicly traded company The term publicly traded company — (A) means a company that has a principal class of shares registered under subsection (b) or (g) of section 12 of the Securities Exchange Act of 1934 (15 U.S.C. 78l); and (B) includes a subsidiary of a company described in subparagraph (A). (12) Similar platform The term similar platform means an online platform controlled by the same person that offers substantially similar functionality or serves substantially similar use cases to users or business users. (13) State The term State means a State, the District of Columbia, the Commonwealth of Puerto Rico, and any other territory or possession of the United States. (14) Subscriber household The term subscriber household means a household in the United States in which at least 1 member pays for access to the online platform during a calendar month. (15) Systemically important platform (A) In general The term systemically important platform means an online platform that— (i) is controlled by a person with average annual gross revenues of not less than $175,000,000,000, as adjusted under subsection (c); and (ii) (I) during a period of not fewer than 3 consecutive calendar months in each of the 2 consecutive 12-month periods preceding the filing of an action under this Act, has monthly active users in the United States equal to not less than 34 percent of the population of the United States over the age of 12, as determined by the most recent decennial census of population conducted by the Bureau of the Census; or (II) during a period of not fewer than 3 consecutive calendar months in each of the 2 consecutive 12-month periods preceding the filing of an action under this Act, has subscriber households in the United States equal to not less than 34 percent of households in the United States, as determined by the most recent decennial census of population conducted by the Bureau of the Census. (B) Counting rules; aggregation In determining the number of monthly active users and subscriber households under this paragraph, the platform shall— (i) exclude non-human, automated, or test accounts to the extent identified in the ordinary course of business; (ii) use reasonable ordinary-course methods to avoid double-counting the same individual or household across multiple accounts; (iii) the monthly active users and subscriber households of similar platforms controlled by the same person shall be aggregated; and (iv) if such aggregation causes the threshold described in subclause (I) or (II) of subparagraph (A)(ii) to be met, each such similar platform shall be treated as satisfying the applicable threshold. (16) Systemically important platform operator The term systemically important platform operator means a person that owns, controls, or operates a systemically important platform. (b) Regulations Not later than 180 days after the date of enactment of this Act, the Commission shall promulgate regulations in accordance with section 553 of title 5, United States Code, to define the term data for the purpose of implementing and enforcing this Act. (c) Annual adjustment of revenue threshold (1) In general Beginning with the first calendar year that begins after the date that is 1 year after the date of enactment of this Act, and annually thereafter, the Commission shall revise the dollar amount set forth in subsection (a)(15)(A)(i) to reflect the percentage change in gross national product, as most recently published by the Department of Commerce. (2) Publication The Commission shall publish any revised dollar amount under paragraph (1) in the Federal Register. (3) Rounding Any revised dollar amount under paragraph (1) shall be rounded to the nearest $1,000,000,000. (4) Applicability Any revised dollar amount published under paragraph (2) shall apply to any action filed on or after the effective date specified in the notice published by the Commission.