Apple’s Crypto & NFT Policies Questioned by US Lawmakers

• Two United States lawmakers have written to Apple CEO Tim Cook, raising concerns about how the company’s guidelines may restrict crypto and NFTs.
• The letter posed several questions to Cook, asking for detailed information and documents regarding the App Store’s policies.
• Congress must understand if Apple’s policies are limiting innovation and American technological leadership.

Lawmakers Raise Concerns Over Apple Crypto Policies

Two United States lawmakers have raised concern over Apple’s cryptocurrency and non-fungible token (NFT) policies in a joint letter sent to CEO Tim Cook on July 28th. Congressman Gus Bilirakis of Florida and Jan Schakowsky of Illinois expressed their worries that Apple’s App Store guidelines could limit the growth of emerging technologies such as blockchain.

Questions Raised Regarding Apple’s Policies

The letter posed several questions to Cook, asking for detailed information and documents regarding the App Store’s policies. It also highlighted concerns about Apple’s plans to develop blockchain-based apps and questioned whether the company is leveraging its app rules to boost revenue at the expense of crypto-related applications. One policy cited in particular was the requirement for blockchain projects to relinquish 30% of their gas fees to the App Store, which Coinbase Wallet claimed was impossible due to incompatibility with Apple’s in-app purchase system.

Congress Seeks To Understand Implications Of App Store Guidelines

Bilirakis (Republican) and Schakowsky (Democrat), both ranking members in the Innovation, Data, and Commerce Subcommittee, emphasized the need for Congress to understand the implications of these App Store guidelines on innovation and tech leadership in America. Key figures from within cryptospace have welcomed this inquiry into understanding what impact these regulations may have on cryptocurrencies moving forward.

Apple Responds To Inquiry

In response to this inquiry, Apple has yet to make an official statement but it is likely that they will reveal more information regarding their stance on cryptocurrencies soon as they continue work developing blockchain applications themselves.

Conclusion

Overall, this inquiry from two influential lawmakers shows a positive shift towards understanding how cryptocurrency regulations could impact American technological leadership moving forward. With more clarity being sought out by government officials we can hope that it leads us closer towards meaningful usage of digital currencies worldwide..