Regulators Investigate Apple’s Blockchain and NFT Policy!

Regulators have asked Apple if it is blocking new technologies such as non-fungiable tokens (NFT).
 Regulators Investigate Apple’s Blockchain and NFT Policy!
READING NOW Regulators Investigate Apple’s Blockchain and NFT Policy!

Representatives Gus Bilirakis (R-FL) and Jan Schakowsky (D-IL) sent a letter to Apple CEO Tim Cook yesterday, with the California-based company blocking App Store guidelines and new technologies such as distributed ledger technology and non-fungiable tokens (NFT). He asked if it was blocked. The letter requests information on whether the App Store’s guidelines will unintentionally hinder the advancement and growth of the latest innovations. Here are the details…

NFT and Blockchain question to Apple

Citing Axie Infinity’s App Store experience as an example, lawmakers noted that Apple uses App Store rules to both profit and reduce the utility of crypto apps through the forced rollout of “lite” versions. Lawmakers who sent the letter shared their concerns that Apple’s policies could undermine US leadership in emerging technologies. “While Apple argues that these limitations increase security by creating a walled garden, many are concerned that Apple is using the app store as a weapon against its competitors,” said the Innovation, Data and Commerce Subcommittee Chair and Ranking Member.

It is essential that Congress fully understand the App Store Guidelines and the extent to which they limit innovation and affect America’s technological leadership. Our subcommittee is committed to promoting full transparency and ensuring Big Tech is held accountable for monopolistic behavior. We want to create a level playing field within the industry so that American creativity can continue to flourish.

A similar letter was written for Tiktok.

As a result, lawmakers sent the letter expressing their concern about the potential negative consequences of Apple’s policies on the United States’ position in emerging technologies. Although the chair and most senior member of the Innovation, Data and Commerce Subcommittee has justified these limitations as a tool to increase security with a “walled garden” approach, there is widespread public opinion that the company can use the App Store as a tool to stifle competition. expressed concern. They stressed the importance of Congress having a comprehensive understanding of App Store rules and assessing the extent to which these rules might hinder innovation.

Lawmakers stated that they aim to create a level playing field within the industry so that American creativity can continue to flourish. Representatives have previously written a similar letter to Apple regarding App Store policies regarding TikTok and other Chinese apps.

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