Regulators to Testify Before Congress on Oversight for Bitcoin

Digital currencies such as bitcoin demand increased oversight and may require a new federal regulatory framework, the top U.S. markets regulators will tell lawmakers at a congressional hearing. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), and Jay Clayton, chairman of the Securities and Exchange Commission (SEC), will provide testimony to the Senate Banking Committee amid growing global concerns over the risks virtual currencies pose to investors and the financial system.

Apple, Cisco Offer Discounts on Cyber Insurance to Customers

Apple Inc. and Cisco Systems Inc. have teamed up with insurer Allianz SE to offer discounts on cyber insurance to businesses that primarily use equipment from both technology companies, they said. The arrangement, which also includes insurance broker Aon Plc, will help businesses fortify their cyber security defenses and make them eligible to score more favorable terms for cyber coverage, such as lower or no deductibles, along with support services in the event of attack, the companies said.

Facebook Gets Patent That Could Disclose Users' Socioeconomic Status

Facebook has patented a new system that could help it estimate a user's socioeconomic status.The patent, according to CBInsights, shows a decision tree that collects data points on a user's education level, travel history, the number of devices they own, homeownership and where they live to guess the probability of them falling in a given socioeconomic class.

Senators Want FTC to Investigate Company Selling Fake Followers

Two senators are asking the Federal Trade Commission (FTC) to investigate a company that sells fake Twitter followers in the wake of a New York Times report that revealed that dozens of public figures purchased social media followings to inflate their prominence. Sens. Jerry Moran (R-Kan.) and Richard Blumenthal (D-Conn.), the chairman and ranking member, respectively, of a Senate Commerce subcommittee on consumer protection, argue in a letter to acting FTC Chairman Maureen Ohlhausen that Devumi, the company at the center of the Times report, has been deceiving consumers and stealing identities.

'Cybercriminals Follow Money' to Cryptocurrency Space

 Bitcoin’s popularity and the emergence of about 1,500 other digital coins or tokens have drawn more hackers into the red-hot cryptocurrency space, expanding opportunities for crime and fraud, cybersecurity firm Digital Shadows warned in a report. “Cybercriminals follow the money and right now they see in the unregulated and largely unsecure world of digital currencies a huge opportunity to target people, businesses and exchanges and make money quickly and easily,” said Rick Holland, vice president of strategy at Digital Shadows.

Two Democrats Want More Election Answers from Facebook, Twitter

Two senior U.S. Democratic lawmakers asked Facebook and Twitter to answer questions about potential Russian involvement in social media campaigns that urged release of a Republican memorandum alleging surveillance abuses at the FBI, saying the companies had provided insufficient responses so far. The letter was the latest effort by Democrats, in the minority in both the U.S. Senate and House of Representatives, to press social media companies on whether the Kremlin has used their platforms to meddle in U.S. politics.

Court Says Tinder's Pricing Policy Discriminates Based on Age

A California appeals court has sided with Allan Candelore, a man suing Tinder over the pricing for its premium service, Tinder Plus. Specifically, Candelore and his lawyers argued that by charging $9.99 per month if a user is under 30, versus $19.99 per month if you’re 30 or older, Tinder is discriminating based on age, in violation of the Unruh Civil Rights Act and the Unfair Competition Law (those are both California laws).

Facebook Bans All Ads That Promote Cryptocurrencies

Facebook is banning all ads that promote cryptocurrencies, including bitcoin, in an effort to prevent people from advertising what the company is calling “financial products and services frequently associated with misleading or deceptive promotional practices.” That means no advertiser — even those that operate legal, legitimate businesses — will be able to promote things like bitcoin and other cryptocurrencies, initial coin offerings — ICOs for short — or binary options, according to a Facebook blog post.

SEC Gets Court Order Against $600 Million Initial Coin Offering

Federal regulators moved to halt an initial coin offering that allegedly raised $600 million in what amounts to the biggest U.S. intervention yet into the world of raising money by issuing digital tokens. The Securities and Exchange Commission said it obtained a court order that permits a receiver to seize cryptocurrencies held by Dallas-based AriseBank, which allegedly marketed and received the proceeds from the coin offering.

U.S. Investigating Apple Over Disclosures on Slowing Older iPhones

The U.S. Department of Justice and the Securities and Exchange Commission are investigating whether Apple Inc. violated securities laws concerning its disclosures about a software update that slowed older iPhone models, according to people familiar with the matter. The government has requested information from the company, according to the people, who asked not to be named because the probe is private.

Copyright Royalty Board Increases Payments for Streaming Services

U.S. copyright authorities decided to increase over the next five years the royalty payments music streaming companies like Spotify and Apple must make to songwriters and music publishers, a trade association for music publishers said. The Copyright Royalty Board of the U.S. Library of Congress issued a written decision that altered the formulas used to determine how much of their revenue streaming companies must share with songwriters and the music publishing companies they typically hire to collect licensing fees on their behalf.

$500 Million Cryptocurrency Theft Increases Calls for Regulation

The theft of nearly $500 million in digital tokens, disclosed by Coincheck, has heightened calls for stricter oversight at a time when many governments are struggling to formulate a response to the digital-asset boom. Japanese finance ministry officials said that the country will conduct on-site inspections of exchanges and that cryptocurrencies would likely become an issue at the next G-20 meeting.

Facebook Publishes Privacy Principles Ahead of European Rules

Facebook said it was publishing its privacy principles for the first time and rolling out educational videos to help users control who has access to their information, as it prepares for the start of a tough new EU data protection law. The announcement is a sign of Facebook's efforts to get ready before the European Union’s General Data Protection Regulation (GDPR) enters into force on May 25, marking the biggest overhaul of personal data privacy rules since the birth of the internet.

New York Attorney General Probes Company Selling Fake Followers

The New York attorney general, Eric T. Schneiderman, opened an investigation into a company that sold millions of fake followers on social media platforms, some of them copying real users’ personal information. The company, Devumi, and its sale of automated followers to a swath of celebrities, sports stars, journalists and politicians, was detailed in a New York Times article.

The GigaLaw Firm helps companies of all sizes protect their brands online, using domain name dispute policies – such as the Uniform Domain Name Dispute Resolution Policy (UDRP) – and other legal tools available to copyright and trademark owners on the Internet.