The post Apple Faces Legislative Scrutiny Over App Store Policies for Cryptocurrency and NFTs appeared first on Coinpedia Fintech News

In a rising tide of legislative scrutiny, Apple Inc. is yet again under the microscope for its app store practices. The focus this time around is on the burgeoning sectors of cryptocurrency trading and non-fungible tokens (NFTs).




Today, I sent a bipartisan letter to @Apple regarding iOS App Store policies and their impact on emerging technologies like blockchains and NFTs. Congress must understand if Apple's policies are limiting innovation and American technological leadership. Full letter below: pic.twitter.com/Sda7qtEaql — Gus Bilirakis (@RepGusBilirakis) July 28, 2023




Congress Members Write To Tim Cook



Adding to Apple’s growing list of troubles, House Representatives Gus Bilirakis (R-Fla.) and Jan Schakowsky penned a letter to Apple’s CEO, Tim Cook, last Friday. The lawmakers requested detailed information concerning the company’s App Store policies, emphasizing the potential limits these might impose on the progression of blockchain and cryptocurrency technologies.




They noted, “In particular, it appears that Apple has used its App Store guidelines to increase its own profits and reduce the utility of apps in blockchains, NFTs, and other blockchain-related technology.”




Cryptocurrency in the Spotlight



Among other cases, the lawmakers mentioned that cryptocurrency exchange Coinbase accused Apple of forcing it to remove NFT transfers from its wallet app in iOS. Many NFT companies have made similar allegations, claiming that Apple forced them to roll out Lite versions of their apps.



Such instances are part of broader concerns that Apple’s app store policies may hinder American leadership in emerging technologies, including blockchain and other distributed ledger technologies.



Congress Seeks Answers



In their pursuit of clarity, Bilirakis and Schakowsky have posed 21 detailed questions to Apple, to be answered by August 14th, 2023. The questions ranged from the status of ‘sideloading’ and Apple’s app admittance policies related to data privacy and security standards, to more specific queries such as if Apple plans to build apps using blockchain-related technologies or whether it explored Solana Blockchain’s ‘secure element’ feature.



Crypto Industry Reacts



Sheila Warren, the CEO of the Crypto Council, hailed the congressional query as further evidence that the crypto game isn’t a partisan matter. It’s clear that like many crypto supporters, she’s thrilled that both sides of the aisle are finally getting serious about America’s place in the future of blockchain and cryptocurrency technologies. 




“@HouseCommerce is yet another committee that further proves that crypto is not a partisan issue.” Sheila Warren




Paul Grewal, the Chief Legal Officer at Coinbase has done a fair bit of head-scratching over Apple’s somewhat erratic application of its App Store policies. 




His words say it all , “Are Americans well-served by arbitrary applications of a single giant’s App Store policies?” 




He makes a fair point – it’s time to rethink how we approach digital currencies and the technologies underpinning them.