Tim Cook Gets Stinging Letter From Congressman About NFTs, Blockchain: Are Apple's Policies Limiting Innovation, Tech Leadership?

In a bipartisan effort, Representative Gus Bilirakis (R-FL.) and Jan Schakowsky (D-IL.), who serve as Chairman and Ranking Member of the Innovation, Data, and Commerce Subcommittee, have taken action to address concerns about Apple’s AAPL App Store Guidelines and their potential impact on non-fungible tokens (NFTs) and blockchain technologies.

What Happened: In a letter addressed to Apple CEO Tim Cook, the lawmakers on Friday raised concerns about how these guidelines may restrict the development and integration of technologies like blockchains, NFTs, and distributed ledger technologies.

This follows a previous letter sent by Bilirakis and Schakowsky to Apple in November 2022, focusing on potential security vulnerabilities and foreign surveillance related to apps originating from China, including TikTok.

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Why It Matters: "While Apple has argued these limitations increase security by creating a walled garden, many are concerned that Apple has used the app store as a weapon against competitors," said Chairman Bilirakis and Ranking Member Schakowsky in a joint press release.

One of the questions posed in the letter asks whether Apple has plans to develop apps utilizing blockchain or related technologies, indicating a keen interest in understanding Apple’s approach to emerging tech and whether they are open to exploring these avenues within their ecosystem.

NFTs are unique digital assets that are stored on blockchain networks, such as Ethereum ETH/USD and Polygon MATIC/USD. They have gained popularity for their ability to represent ownership of one-of-a-kind items like artwork, collectibles, and virtual real estate.

Price Action: At the time of writing, ETH  was trading at $1,864, down 0.41% in the last 24 hours, according to Benzinga Pro.

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