Amid a growing wave of legislative scrutiny, Apple Inc. is once again under scrutiny for its App Store practices, this time focusing on the emerging field of cryptocurrency trading and non-fungible tokens (NFTs).
Members of Congress write to Tim Cook
On Friday, House Representatives Gus Bilirakis (R-Fla.) and Jan Schakowsky penned a letter to Apple CEO Tim Cook, adding further fuel to the fire The company's troubles were mounting. Lawmakers requested details about the company’s app store policies, highlighting the potential restrictions they could pose on the development of blockchain and cryptocurrency technology.
They noted, “In particular, Apple appears to use its App Store guidelines to increase its own profits and reduce the utility of applications in blockchain, NFTs, and other blockchain-related technologies.”
Cryptocurrency in the spotlight
In other cases, lawmakers cited cryptocurrency exchange Coinbase accusing Apple of forcing it to remove NFT transfers from its iOS Wallet app. Many NFT companies have made similar accusations, claiming that Apple forced them to launch Lite versions of their apps.
Such incidents are part of broader concerns that Apple's App Store policies could hinder U.S. leadership in emerging technologies, including blockchain and other distributed ledger technologies.
Congress seeks answers
In pursuit of clarity, Bilirakis and Schakowsky asked Apple 21 detailed questions and had until August 14, 2023 to receive responses. Questions ranged from the status of "sideloading" and Apple's app access policies related to data privacy and security standards, to more specific inquiries, such as whether Apple plans to build apps using blockchain-related technology or whether it has explored the Solana Zone. Blockchain’s “Secure Element” feature.
Crypto industry reaction
Sheila Warren, CEO of the Crypto Council, welcomed the congressional inquiry as further evidence that crypto is not a partisan issue. Clearly, like many cryptocurrency supporters, she’s glad that both parties are finally starting to take America’s place in the future of blockchain and cryptocurrency technology seriously.
“@HouseCommerce is another committee that further proves cryptocurrency is not a partisan issue.” Sheila Warren
Coinbase chief legal officer Paul Grewal is rather confused by the somewhat erratic application of Apple’s App Store policies.
His words said it all: “Have Americans benefited greatly from the App Store policies of any single giant?”
He makes a fair point – it’s time to rethink how we approach digital currencies and the technology that underpins them.