The US Department of Justice (DOJ) has taken legal action against Apple Inc., accusing the tech giant of monopolizing the app market and impeding competition. This move could have significant implications, particularly for the crypto sector.
The lawsuit, filed in a New Jersey federal court on March 21, alleges that Apple's dominance in smartphones forces developers to use its payment system, subjecting them to a 30% tax.
Following the allegations, Apple's stock price experienced a 3.8% decline, reflecting investor concerns about regulatory challenges and market control issues.
The DOJ contends that Apple's policies stifle innovation and degrade user experience by imposing hefty transaction fees and enforcing restrictive rules across various app categories.
Apple's regulations have particularly affected crypto-based apps like OpenSea and Damus, limiting their functionality and prompting the removal of features such as Bitcoin tipping.
The decision to disable Progressive Web Apps (PWAs) on Apple devices raises concerns about its impact on the crypto and web3 ecosystem, potentially delaying market entry and increasing costs for developers.
US lawmakers Gus Bilirakis and Jan Schakowsky have previously raised concerns about Apple's App Store guidelines, fearing their adverse effects on blockchain and crypto innovations.
While the lawsuit against Apple signifies a step towards addressing monopoly concerns, its outcome remains uncertain. However, the crypto community awaits potential changes that could foster a more open and competitive digital marketplace.
The fee war in the spot Bitcoin ETF arena is reshaping the competitive landscape, with companies vying for a strategic edge through bold fee adjustments. As the industry awaits the SEC decision, the outcome of this battle will undoubtedly have a lasting impact on the ETF market.
BerniceBinance argued in February, and again earlier this month, that SEC Chairman Gary Gensler should recuse himself from the SEC lawsuit against the exchange. It claimed that his previous interactions with the exchange’s CEO Changpeng Zhao justify his recusal.
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OthersWell-known platforms had consistently been coming forward to support the blockchain company by asking for permission to file amicus briefs.
Others
NulltxTraditional investing is overwhelmingly dominated by men, but Web3 is a blank slate. With more women coming into the fold, we can break the narrative of exclusivity.
Cointelegraph