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A bipartisan group of US lawmakers, led by Republican Gus Bilirakis and Democrat Jan Schakowsky, is pressing Apple’s CEO, Tim Cook, for clarification regarding the tech giant’s restrictive policies towards blockchain and NFT (Non-Fungible Tokens) applications on its App Store.
Apple is facing regulatory scrutiny in the US over its App Store guidelines, which allegedly hurt apps related to blockchain and non-fungible tokens (NFTs). What s the entire matter and what consequences do both parties have to face and what happened we will try to provide with you all answers to all your questions which we gathered scrounging the web.
US Representatives Gus Bilirakis of the Republican Party, representing Florida, and Jan Schakowsky of the Democratic Party, representing Illinois, expressed their concerns directly to Apple CEO Tim Cook.
Two United States lawmakers, Congressman Gus Billrakis of Illinois have jointly reached out to Apple CEO Tim Cook expressing their concerns about the potential impact of Aapple’s App Store guidelines on the growth of emerging technologies like blockchain and non-fungible tokens (NFTs).
The lawmakers are worried that these guidelines might block or hinder innovation and the country’s technological leadership. They noticed a pattern in Apple’s approach where the company appeared to profit from and limit the functionality of crypto apps simultaneously.
This was achieved by mandating the release of “lite” versions of the apps, which not only generated profits for Apple but also reduced the overall utility of the applications. The lawmakers cited the case of Axie Infinity’s App Store experience as evidence of this strategy. They noted that while Apple has justified these limitations as necessary for security, there is growing concern that the company is using the App Store as a tool to suppress competition. The lawmakers said they believe that it is crucial for Congress to thoroughly understand the App Store guidelines and assess how they may hinder innovation.
One specific anti-crypto policy mentioned in the letter is the requirement for blockchain projects to give up 30% of their gas fees to the App Store. The app has a tipping feature that allows content creators to receive tips in the form of Bitcoin through the lightning network.
Apple deems this features a violation of its guidelines as it prohibits developers from selling additional in-app content unless the transactions go through Apple, through which the tech giant takes a 30 % cut.
Meanwhile, There has been a surge in interest in decentralized social media platforms amid recent controversy around social media platforms and their adherence to the values of freedom of speech.
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