This week at TechREG was quieter than usual as lawmakers didn’t hold congressional hearings and regulators didn’t make any major announcements.
However, the United States Supreme Court filled that void with a landmark decision on Tuesday, May 31, temporarily halting the application of a Texas law that could affect how social media companies enforce their moderation policies. contents.
California has been more active on the regulatory front. The state released a consultation on Wednesday, June 1, seeking input on how to regulate cryptocurrency assets. Additionally, the California Privacy Agency has released a privacy bill in preparation for a meeting next week to discuss this topic.
Big tech companies get a major court victory
US Supreme Court sides with social media companies, blocks Texas law
Social media companies like Facebook and Twitter have won a major legal victory after the United States Supreme Court issued a ruling suspending a Texas law aimed at prohibiting online platforms from deleting users’ posts based on their Political Views. In a 5-4 vote, the court granted an emergency stay request from tech industry groups who asked to block the law, which is currently being appealed in a court of federal appeal. Tech groups have warned that the law could unleash a torrent of hate speech and misinformation on their platforms.
Big tech in the US could have its own regulator under new bill
Google, Meta, Apple, Amazon and other tech companies could face a new digital platform regulator in the US if Congress passes a bill to create a commission to limit the power of Silicon Valley. Senator Michael Bennet and Representative Peter Welch introduced the Digital Platform Commission Act of 2022 to the Senate and House in May. This bill, if approved, would create a new five-person commission to protect consumers in the age of Big Tech. The bill appears to be inspired by different legal texts around the world, particularly other bills introduced in the United States, Europe and the United Kingdom.
Crypto has a quiet regulatory week
California Agency Seeks Comments on Crypto Regulation
California’s Department of Financial Protection and Innovation (DFPI) has invited stakeholders to comment on potential regulation related to crypto assets following an executive order issued by Governor Gavin Newsom on May 4. The DFPI invites comments on regulatory priorities, California Consumer Financial Protection Regulation and Supervision of the Act, and market surveillance functions. For any regulatory recommendations, the DFPI invites stakeholders and the public to provide a description of the economic impact of the recommendation for California businesses and consumers.
Tech professionals join academia to counter crypto lobbying on Capitol Hill
Tech experts and academics are targeting lawmakers in a campaign to counter lobbying efforts on Capitol Hill by the cryptocurrency industry. A letter signed by 26 professionals — including Harvard lecturer Bruce Schneier, former Microsoft engineer Miguel de Icaza and senior Google Cloud engineer Kelsey Hightower — lambasted cryptocurrency and blockchain technology.
New York Fed’s Williams Says Digital Money Can Impact Policy
New York Federal Reserve Chairman John Williams said the development of digital currency and payments technology could impact how the Federal Reserve works with monetary policy and does its balance sheet. Williams, speaking at a research conference, said the digitalization of finance could “have implications for markets and for our interactions with counterparties, as well as how we conduct monetary policy”, and that there would be a big question about how central banks would anticipate and adapt.
Privacy Bill May Need Further Clarification
California Privacy Bill Avoids Major Personal Data Collection Problems
The California privacy agency unveiled a draft of its hidden privacy settlement proposal in the announcement of its next public meeting on June 8. The 66-page draft includes seven pages of detailed requirements for obtaining and implementing consumer instructions regarding sales and personal information. However, according to some legal experts, it does not cover several hot privacy topics mentioned in the granting of regulatory power to the agency.
Senator Warren’s SPAC bill aims to limit losses and abuse
Senator Elizabeth Warren plans to introduce a bill to limit abuse and loss in special purpose acquisition company (SPAC) transactions that builds on March guidance from the Security and Exchange Commission ( DRY). The SPACs Accountability Act of 2022 stems from Warren’s 26-page report on SPACs, also known as blank check corporations. The report is based on the results of its survey of top SPAC creators.