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Big Tech Faces Regulation Reckoning As 2021 Dawns

PYMNTS

If 2020 was the year of streaming media, of content done a million different ways, of apps and Apple, and Google’s and Amazon’s algorithms … it was also the year of Big Tech regulation, where 2020 set the stage for a 2021 that could be seismic in changing the way companies — from Facebook to Apple to debt collectors — interact with consumers.

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Google CEO Pushes Back Against Regulation Talk

PYMNTS

Google CEO Sundar Pichai pushed back against talk of regulating tech companies, saying that the move could have unintended consequences, according to a report by CNBC. “I I worry that if you regulate for the sake of regulating it, it has a lot of unintended consequences,” Pichai said.

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Banks Push Back On Possible Banking Charters For Big Techs Like Amazon And Facebook

PYMNTS

The House committee held a hearing on the idea after Acting Comptroller of the Currency Brian Brooks in July proposed a new special purpose national banking charter for payments companies. They argue that the OCC would oversee the new charter holders — but not as rigorously as state regulators would.

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Bank Regulators Probe Amazon Cloud

PYMNTS

Regulators’ influence over non-banks is limited, and banks are left to vet their own vendors. Bank regulations hadn’t “sufficiently modernized to accommodate cloud and other innovative technologies,” according to a U.S. Tech giant oversight is progressing despite objections from companies like Amazon, Google and Facebook.

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Big Tech Compliance Tracker: UK Regulators To Form Digital Markets Unit; Italy Fines Apple $10 Million Over Claims About iPhone Water Resistance

PYMNTS

UK Regulations to Create New Digital Markets Unit. antitrust regulators are creating a Digital Markets Unit that will be given the duty to enforce rules applicable to Big Tech firms. Regulators also called out the tech company’s warranty terms for not covering water damage. But there is growing consensus in the U.K.

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Are DAOs and Nations conscious? A look at Diem/Silvergate, Google Plex, and Solidly AMM.

Lex Sokolin

Anyway, this is a mechanism that regulates the spending of energy and attention according to the pursuit of some sort of goal. tribes, nations, companies, societies, NFT Discords?—?have Alternately, you might be a growing nation in need of risk-seeking activity?—?a Don’t ask the police to innovate.

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Financial Stability Board Calls For Current Crypto Education

PYMNTS

Financial Stability Board (FSB) Chair Randal Quarles has warned global financial regulators that they must accelerate the creation of a framework for cryptocurrency and other forms of digital money, Reuters reported on Wednesday (Feb. He sent the letter ahead of the 2020 IIF G20 Conference happening in Riyadh, Saudi Arabia this weekend, Feb.