Congress Raises Concerns over Apple's Blockchain Rules

Apple's App Store Policies on Blockchain and NFTs Under Congressional Scrutiny

Written by Gile K.,

Market Sentiment Analyst

Last Updated: July 31, 2023

Stop overpaying - start transferring money with Ogvio. Join the waitlist & grab early Rewards NOW! 🎁

BITDEGREE IN YOUR SOCIAL FEED

US lawmakers aim to ensure that Apple's App Store guidelines don't negatively impact the country's position in the emerging technologies domain.

A formal letter has been addressed to Apple CEO Tim Cook by United States Representatives Gus Bilirakis and Jan Schakowsky, raising concerns about the implications of the tech giant's App Store policies on developing technologies, such as blockchain and non-fungible tokens (NFTs).

With the letter, the lawmakers seek information about the possibility of the App Store's guidelines unintentionally restricting the development and expansion of pioneering technologies.

What Are Flash Loans? TOP Ways to Make Passive Income Explained

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Bilirakis and Schakowsky highlighted a consistent pattern in Apple’s strategies regarding its App Store policies, observing how the company exploited and simultaneously restricted the capabilities of crypto-related apps.

The representatives indicated that Apple accomplished this by enforcing the launch of pared-down, or "lite," versions of apps. These versions, they claimed, not only generated revenue for Apple but also reduced the overall usefulness of the apps.

The Representatives have voiced their concerns about the possible negative impact of Apple's strategies on the United States' position in the emerging technologies domain.

Lawmakers claimed that although Apple defends these restrictions as part of a "walled garden" security enhancement strategy, there is a broad-based worry that the company might be using the App Store as a weapon to stifle competition.

Bilirakis and Schakowsky underscored the necessity for Congress to understand the App Store guidelines and evaluate the extent to which these rules could obstruct innovation. In the letter, both lawmakers noted:

Our subcommittee remains committed to promoting full transparency and ensuring that Big Tech is held accountable for monopolistic behavior.

As Apple's App Store policies come under the magnifying lens of Congress, it underlines the increasing legislative focus on the actions of Big Tech companies, especially those that could potentially stifle the development of future techs like blockchain and NFTs.

It is worth noting that in 2022, Apple's App Store introduced new rules for NFT taxation, their use cases, and rules for listing crypto exchanges.