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News

US Lawmakers Challenge Apple’s Crypto App Store Policies

July 29, 2023 - Around 3 mins mins to read

Key Points:

  • US lawmakers, Gus Bilirakis, and Jan Schakowsky, initiate a bipartisan inquiry into Apple’s App Store crypto policies.
  • Concerns were raised over the potential restriction of blockchain and NFT technologies, threatening US tech industry leadership.
  • Coinbase’s Chief Legal Officer and Blockchain Association CEO support the investigation, seeking clarity on the impact of guidelines on crypto-related applications.
In a significant move, two US lawmakers, Republican Congressman Gus Bilirakis and Democratic Congresswoman Jan Schakowsky, have jointly addressed a letter to Apple CEO Tim Cook, expressing concerns about the App Store’s restrictive policies regarding cryptocurrency-related applications.
U.S. Lawmakers Question Apple About App Store’s Restrictive Crypto Policies

The bipartisan initiative aims to seek clarity on how the guidelines may be influencing emerging technologies like blockchain and non-fungible tokens (NFTs), potentially hindering the progress of the United States in this rapidly evolving field.

Representative Bilirakis and Congresswoman Schakowsky, who also hold positions as Chairman and Ranking Member of the Innovation, Data, and Commerce Subcommittee, raised doubts about the tech giant’s intentions with regard to these emerging technologies. They suspect that the guidelines may inadvertently be used to suppress innovations in the blockchain and NFT space, which could have adverse effects on the country’s leadership in the tech industry.

The letter to Tim Cook specifically calls for transparency and requests documents relating to Apple’s policies concerning its iOS App Store. The lawmakers emphasize the importance of supporting and fostering blockchain, NFTs, and other distributed ledger technologies to ensure the continued growth of the US technology sector.

U.S. Lawmakers Question Apple About App Store’s Restrictive Crypto Policies

In addition to seeking information about Apple’s approach to these technologies, the letter poses questions about the company’s own plans to develop apps utilizing blockchain technology. The lawmakers are also troubled by the possibility that Apple’s App Store policies might be prioritizing the company’s revenue over the interests of cryptocurrency-related applications.

Bilirakis and Schakowsky stressed the significance of understanding the App Store Guidelines fully and evaluating how they might impact innovation and America’s position as a technology leader.

In response to the inquiry, Apple has been given a deadline of August 14 to provide comprehensive answers to the lawmakers’ questions and concerns regarding their crypto policies.

The bipartisan effort has garnered support from notable figures in the cryptocurrency industry. Coinbase’s Chief Legal Officer, Paul Grewal, commended the initiative, expressing approval of the lawmakers’ move to seek clarity on the matter. Similarly, Kristin Smith, the Chief Executive of the crypto advocacy group Blockchain Association, welcomed the inquiry as a step towards ensuring fair treatment of blockchain and cryptocurrency applications on the App Store.

The ongoing scrutiny of Apple’s App Store policies comes in the wake of recent controversies surrounding the removal of certain cryptocurrency-related applications.

Last month, Coinbase CEO Brian Armstrong criticized the removal of the app “Damus” from the App Store, considering it disrespectful to users and damaging to the brand’s reputation. The founder of Damus has vowed to appeal the removal, citing the abuse and misapplication of Apple’s rules.

U.S. Lawmakers Question Apple About App Store’s Restrictive Crypto Policies

As the bipartisan inquiry unfolds, the tech industry, cryptocurrency advocates, and stakeholders eagerly await Apple’s response, hoping for a clearer understanding of the company’s stance on blockchain, NFTs, and other emerging technologies. The outcome of this inquiry may play a crucial role in shaping the future of cryptocurrency-related applications on the App Store and their potential impact on technological advancement in the United States.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

app store

Apple

Coinbase

crypto

Damus

Gus Bilirakis

Jan Schakowsky

Paul Grewal

Tim Cook

US lawmakers

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.