Working Group on Financial Markets Wants Congress to Regulate Stablecoins

Federal regulators say they urgently need more power from Congress to properly regulate stablecoins, a fast-growing type of cryptocurrency that they warn could result in bank runs, consumer abuse and payment snafus unless lawmakers act quickly, according to a report issued by the Treasury Department. The report, which was undertaken by the President’s Working Group on Financial Markets, called on Congress to pass a law that makes issuers of stablecoins subject to requirements like those of traditional banks and financial institutions.

Facebook Whistleblower Says Zuckerberg Must Leave for Change to Occur

In her first public address since she leaked a trove of damaging documents about Facebook's inner workings, whistleblower Frances Haugen urged her former boss, Mark Zuckerberg, to step down and allow change rather than devoting resources to a rebrand. "I think it is unlikely the company will change if [Mark Zuckerberg] remains the CEO," Haugen told a packed arena at the opening night of the Web Summit, a tech fest drawing dozens of thousands to the Portuguese capital, Lisbon.

EU Countries Seek Agreement on Negotiations with U.S. Tech Firms

EU countries aim to agree on a common negotiating position on two sets of draft rules to curb the powers of U.S. tech giants on Nov. 25, people involved in the discussions said, though squabbles among EU lawmakers could delay the rules' adoption. The Digital Markets Act (DMA) sets out a list of dos and don'ts for online gatekeepers - companies that control data and access to their platforms — such as Amazon, Apple, Alphabet unit Google and Facebook.

Apple Opposes Links to Third-Party Payment Options Before Hearing

Apple Inc. outlined its objections to allowing app developers to link to third-party payment options ahead of a hearing next month that could determine whether a set of antitrust court orders is put on pause. After a lengthy trial earlier this year brought by "Fortnite" creator Epic Games, U.S. District Court Judge Yvonne Gonzalez Rogers issued a ruling that was largely favorable to the iPhone maker and upheld its practice of requiring developers to use its in-app payment system, for which it charges commissions.

Patagonia Stops Advertising on Facebook, Seeks Others to Join Effort

Patagonia is doubling down on its decision to stop all paid advertising on Facebook Inc. platforms, urging other companies to join the sportswear company in its boycott of the social-networking company as it faces widespread scrutiny following the release of internal documents. In a statement, Patagonia Chief Executive Ryan Gellert urged Facebook to “prioritize people and planet over profit.”

Man Charged with Trying to Extort Sports Leagues, Streaming Content

Federal authorities have accused a Minnesota man with trying to extort $150,000 from Major League Baseball after hacking into its computer system. The U.S. Attorney’s office for the southern district of New York and the FBI have charged Joshua Streit, 30, with illegally streaming content from MLB, as well as from the National Hockey League (NHL), the National Basketball Association (NBA), and the National Football League (NFL).

Facebook Expands Vaccine Misinformation Policies to Target Children

Vaccine misinformation has been pervasive issue on Facebook for years, and it wasn't until earlier this year that the website finally introduced policies that would address the problem. Now, the social network has expanded those policies and its COVID-19 vaccination efforts to include kids shortly after the FDA authorized the emergency use of the Pfizer COVID-19 vaccine for children ages five to eleven.

Locast to Pay $34 Million in Copyright Damages for Streaming Local TV

A case that began with hype that someone had finally cracked the code for delivering free and legal broadcast streaming is ending with a $32 million payment of copyright damages to ABC, CBS, Fox and NBC. After suspending its service following a devastating court loss, Locast has also now agreed to a permanent injunction, according to court papers filed.

National Cyber Director Considering Mandates for Critical Infrastructure

The Office of the National Cyber Director wants to bring cohesion to efforts to strengthen computer defenses across a sprawling set of more than 100 civilian agencies even as it seeks to drive more robust cybersecurity in the private sector. “This is the beginning, not the end” of the attempt to ensure that the United States enjoys a secure and open Internet, said National Cyber Director Chris Inglis in an interview laying out strategic vision for the federal government’s newest agency.

Stricter Age Checks Online Eliminate Anonymity on More Websites

In response to mounting pressure from activists, parents and regulators who believe tech companies haven’t done enough to protect children online, businesses and governments around the globe are placing major parts of the internet behind stricter digital age checks. The experience of consuming content and communicating online is increasingly less like an anonymous public square and more like going to the bank, with measures to prove that you are who you say you are.

Senate Approves Legislation Targeting Chinese Telecom Companies

The U.S. Senate voted unanimously to approve legislation to prevent companies such as Huawei Technologies Co Ltd. or ZTE Corp. that are deemed security threats from receiving new equipment licenses from U.S. regulators. The Secure Equipment Act, the latest effort by the U.S. government to crack down on Chinese telecom and tech companies, was approved by the U.S. House on a 420-4 vote, and now goes to President Joe Biden for his signature.

Senators Pushing for Update to Children's Online Privacy Protection Act

Two Democratic senators called for two bills to be voted into law that will limit what children are shown online and how their data can be used for advertising by Big Tech companies like Google's YouTube and Facebook. Senators Richard Blumenthal and Ed Markey, both Democrats, called for the passage of an update of the 1998 Children's Online Privacy Protection Act (COPPA), which would, among other things, raise the age of children whose data cannot be collected without consent from 12 to 15.

CFPB Director Says Agency Reviewing Big Tech's Impact on Money Flow

Chief consumer finance watchdog Rohit Chopra told U.S. lawmakers his agency will review Big Tech's impact on the flow of money in the economy as leading technology firms use real-time consumer payments systems that collect huge amounts of personal data. Chopra, head of the Consumer Financial Protection Bureau (CFPB), said Big Tech's entrance into the payment sector raises questions, including: "How will these firms harvest and monetize data they collect on our transactions? What criteria will they use to decide who is removed from the platform? How will they ensure that payment systems adhere to consumer protections?"

Judge Transfers Trump's Twitter Case, Says Ex-President Bound by Terms

A Florida federal judge ruled that Donald Trump’s status as a former president does not exclude him from following Twitter’s terms of service, the latest setback in his quest to get back on the social media platform after being banned this year. U.S. District Judge Robert N. Scola Jr. granted Twitter’s motion to transfer the case from the Southern District of Florida to the Northern District of California, which is required by a clause in the company’s user agreement that all Twitter users sign.

FTC Staff Investigating Facebook's Disclosures on Possible Harms

Federal Trade Commission staffers have begun looking into disclosures that Facebook Inc.’s internal company research had identified ill effects from its products, according to people familiar with the matter. Officials are looking into whether Facebook research documents indicate that it might have violated a 2019 settlement with the agency over privacy concerns, for which the company paid a record $5 billion penalty, one of the people said.

Facebook Tells Employees to Preserve Documents for Legal Requests

Facebook has told employees to “preserve internal documents and communications since 2016” that pertain to its businesses because governments and legislative bodies have started inquiries into its operations, according to a company email. The move, known as a “legal hold,” follows intense media, legal and regulatory scrutiny over the social network’s harms.

U.S. Secretary of State Announces Bureau of Cyberspace and Digital Policy

Secretary of State Antony Blinken formally announced the establishment of a new cyber bureau at the State Department to help tackle cyber and emerging technology diplomatic issues. The new Bureau of Cyberspace and Digital Policy was announced by Blinken as part of a speech around the reorganization and modernization of the State Department to meet 21st century needs, with Blinken noting he consulted with Congress and outside experts prior to establishing the office.

U.S., European Authorities Arrest 150 for Darknet Drug, Weapon Sales

The Justice Department and European police authorities said they arrested 150 people who sold and bought drugs and weapons on darknet forums, using evidence drawn from the world’s largest illegal online marketplace after it was taken down in January. Authorities rounded up people in nine countries, including the U.S., the Netherlands, Australia and the U.K., and seized around 234 kilograms of drugs, 45 guns and more than $31.6 million in cash and virtual currencies.

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.