Fort Apache
Individual agency is the ultimate regulation.
Ghostery’s CEO says regulation won’t save us from ad trackers
Regulation is insufficient to stop Big Tech’s ad trackers. Individual responsibility? That might just work.
‘But if, let’s say 70% of the population does not protect themselves, programmatic advertising is so convenient for everyone involved. I don’t believe regulation can stop that, because the solution is always consent— which, unfortunately, Facebook and Google and Amazon will always get. I don’t think the authorities have the guts nor the will to say, “this is forbidden.” They’re going to try to attack it sideways, but not frontally.
‘So it’s really about users. The more users protect themselves, the more it becomes unsustainable. That’s the only vector of change that’s really possible.’
Wall Street wants Harris to turn the antitrust tide
The deterrent effect of an aggressive regulator can be far greater than their success rate in litigation.
‘Under Biden, the antitrust watchdogs are going to court more — and losing at a higher rate, given the more novel economic theories deployed. The administration also has its set of noteworthy wins including halting a book publisher combination between Penguin Random House and Simon & Schuster that would have cut advances for elite writers.
‘The banker Ken Moelis noted on his company’s earnings call this week that the mere spectre of a lengthy antitrust review has discouraged boards of directors from pursuing transformative deals.’
The 2024-2028 challenge with an overgrown state bureaucracy
Overweening bureaucracy is a luxury emerging market countries cannot afford.
‘This is a way of admitting that recent governments have gone overboard in this area and sometimes went too far. “Remember that fiscal reform is not only tax reform; it is also the reform of public spending; it is also to make public spending more efficient; it is to make the Government more efficient. I think we have improved, but what we are looking for is to spend better and more efficiently,” he said.’
Buy now, pay later regulation confirmed by new Government – but timeline remains unclear
So much of “Fintech” is regulatory arbitrage: doing things that regulated entities cannot, at least until the authorities realize what you’ve done. The explosive growth of ideas like buy-now-pay-later despite proven harms that were supposed to have been regulated out of existence and the delay in enforcing the rules on the books to protect consumers shows how ham-fisted the authorities are. This is in the UK, but it could be anywhere in the West.
‘Regulation of the buy now, pay later (BNPL) sector WILL go ahead, the new Government has confirmed. It means consumers will finally get much-needed safeguards on BNPL purchases, as well as protection from unsustainable borrowing – something MoneySavingExpert.com (MSE) and its founder Martin Lewis have long campaigned for. Though we still don't know when any new rules will take force.’
How The Digital Chamber is fighting for clearer crypto regulations
The big players want regulatory clarity. The little players, presumably, don’t want regulation.
‘Badcock emphasized a significant concern: The industry's struggle with regulatory clarity and enforcement actions. The lack of clear guidance has led to numerous legal cases involving prominent players in the crypto space. These cases have attracted the Chamber's active involvement, with amicus briefs being a key strategy.’
One third of crypto mining facilities in the US are owned by citizens of China. Senator Warran hails the environmental damage these facilities cause. But she wraps it in national security, too.
‘“Cryptomines could be exploited by adversaries to spy on military bases, disrupt the power grid, or clandestinely transfer money across borders. Last year, the Treasury Department requested more tools from Congress to prevent countries like China, Iran, and Russia from using crypto to evade sanctions and launder money,” Warren concluded, emphasizing:’
Upcoming US Election to Shape Future of Crypto Regulation
Uncertainty is the key challenge when it comes to crypto regulation. What does Loper mean for this?
‘The role of regulatory agencies also adds to the uncertainty. The Securities Exchange Commission (SEC), under Gary Gensler, has taken a hard line on crypto, focusing on regulation through enforcement. This approach has created uncertainty and hindered innovation within the industry. Gensler's stance is unlikely to change in the short term, regardless of who wins the presidency. However, a new administration could influence the overall direction of the SEC and other regulatory bodies, potentially leading to a more balanced approach to crypto regulation.’