Apple NFT News Get the latest updates for 2023

Apple’s CEO Tim Cook received a letter from U.S. Representatives Gus Bilirakis and Jan Schakowsky this past July 28, 2023, notifying them a formal investigation is underway into the App Store crypto guidelines. This is a major step and the objective is to determine the potential impact of Apple’s crypto policies on new technologies like non fungible tokens and NFTs.

The investigation rises out of a growing concern about how Apple’s rigid policies may unwittingly hinder innovation, as well as the growth of state-of-the-art tech. This can limit America’s position in technological leadership. Especially when it comes to blockchain, which is continuously evolving.

Apple Store Crypto Investigation Highlights

In the letter, Representatives Bilirakis and Schakowsky point to specific examples of how Apple’s policies have affected businesses. Among these cases, we have the popular Wallet app Coinbase, which was forced by Apple blockchain policies to remove NFT transfers from their app.

Additionally, the letter requests clarification by posing 21 questions to be answered by Apple by August 14, 2023, about Apple’s app admission policies, the status of “sideloading”, and more.

According to critics, Apple is using the App Store crypto guidelines to stifle competition and maximize profits. Meanwhile, the company defends those policies and restrictions as part of its efforts to enhance security with a “walled garden” approach. The main objective of the U.S. investigation is to emphasize the need for transparency and accountability. They also seek to level the playing field within Apple.

Not Their First Rodeo

Apple’s App Store policies have been under scrutiny before, so this isn’t their first rodeo. In the past, there were concerns about TikTok and other apps originating in China. These concerns were a reflection of broader apprehensions about the negative consequences Apple’s policies have on the United State’s standing in emerging technologies.

The current investigation of Apple’s blockchain and crypto policies is a critical milestone in the ongoing conversation about the roles and responsibilities tech giants have. As such, the findings of this investigation may set a precedent for the development and regulation of technologies in the future.

Apple Blockchain Policies: The Impact on the Industry

A lot of people in the blockchain and crypto industries have expressed support for this investigation into what they see as Apple’s monopolistic decisions and policies surrounding innovative technology. For example, Coinbase’s chief legal officer, Paul Grewal, commented about the App Store investigation on Twitter, posing the question

“Are Americans well-served by arbitrary applications of a single giant’s App Store policies?” and declaring it a bipartisan issue.

Here’s a bipartisan issue that doesn’t require reconceiving the consumer welfare standard and decades of precedent surrounding it. Are Americans well-served by arbitrary applications of a single giant’s App Store policies? https://t.co/8lxW0QP9mh — paulgrewal.eth (@iampaulgrewal) July 28, 2023

As the investigation progresses, we will keep a close eye on the impact of the App Store crypto guidelines on the blockchain industry and other emerging technologies. One thing is certain - the outcome of this inquiry into Apple’s blockchain policies can set a major precedent for how technology giants operate and for the regulations in place regarding the development and adoption of innovative technologies like crypto, blockchain, NFTs, and more.