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Popular Media Democratic lawmakers like Illinois Sen. Dick Durbin and the Justice Department’s Antitrust Division want to impose new rules for credit-card transactions that would reduce competition, harm consumers . . .
Democratic lawmakers like Illinois Sen. Dick Durbin and the Justice Department’s Antitrust Division want to impose new rules for credit-card transactions that would reduce competition, harm consumers and crush small banks.
TOTM Yesterday, I delved into the recent judgment in the Meta case (Case C-252/21) from the Court of Justice of the European Union (CJEU). I gave a preliminary . . .
Yesterday, I delved into the recent judgment in the Meta case (Case C-252/21) from the Court of Justice of the European Union (CJEU). I gave a preliminary analysis of the court’s view on some of the complexities surrounding the processing of personal data for personalized advertising under the GDPR, focusing on three lawful bases for data processing: contractual necessity, legitimate interests, and consent. I emphasized the importance of a nuanced understanding of the CJEU decision and pointed out that the decision does not determine definitively whether Meta can rely on legitimate interests or fall back on user consent for personalized advertising.
Read the full piece here.
TOTM The European Commission early last month published its draft template for DMA-compliance reports. This is the document that gatekeepers will periodically need to fill out, . . .
The European Commission early last month published its draft template for DMA-compliance reports. This is the document that gatekeepers will periodically need to fill out, and which subsequently will be used to determine whether they comply with the European Union’s Digital Markets Act (DMA).
TOTM Today’s judgment from the Court of Justice of the European Union (CJEU) in Meta’s case (Case C-252/21) offers new insights into the complexities surrounding personalized . . .
Today’s judgment from the Court of Justice of the European Union (CJEU) in Meta’s case (Case C-252/21) offers new insights into the complexities surrounding personalized advertising under the EU General Data Protection Regulation (GDPR). In the decision, in which the CJEU gave the green light to an attempt by the German competition authority (FCO) to rely on the GDPR, the court also explored the lawful bases for data processing under the GDPR, notably for personalized advertising.
Scholarship Abstract This article sets out a philosophy for money in this new digital age. Specifically, we propose two descriptive and two prescriptive theories relating to . . .
This article sets out a philosophy for money in this new digital age. Specifically, we propose two descriptive and two prescriptive theories relating to cryptocurrency.
On the descriptive side, we first introduce a novel classification scheme to categorize cryptocurrencies. Distinct terms like “central bank digital currency” and “cryptocurrency” are often interchanged, so a precise typology is necessary in setting the parameters of debates over monetary policy. Secondly, the article explains the ideological roots of private digital currency and specifically focuses on the impact of the Austrian School of Economics on Satoshi Nakamoto, the creator of bitcoin.
On the prescriptive side, we argue that governments’ plans for central bank digital currencies are neither novel nor good policy. The reality is that most of today’s central bank currencies are already digital, and any attempts to disintermediate the banking system—that is, to allow individuals to hold accounts directly with the central bank (and not private banks)—will result in a dangerous temptation for governments to micromanage the finances of their citizens.
Our second policy conclusion is a positive one. We recommend that central banks in developing nations adopt private, decentralized digital currencies or fixed money supplies to encourage foreign investment and increase the economic well-being and stability of their citizens.
Scholarship Abstract Some argue that large platforms, such as Alphabet/Google, Amazon, Apple, Facebook and Microsoft (or GAFAM), are unusual in their number, pace and concentration of . . .
Some argue that large platforms, such as Alphabet/Google, Amazon, Apple, Facebook and Microsoft (or GAFAM), are unusual in their number, pace and concentration of technology mergers, with the potential to harm market competition. Using a unique taxonomy developed by S&P Global Market Intelligence, we conduct a descriptive study of GAFAM’s M&A activities, comparing them to those of other top acquirers from 2010 to 2020. We find: (i) GAFAM completed more tech acquisitions per firm than other groups of top acquirers, and acquired younger and more consumer-facing firms on average. (ii) The top 25 private equity firms outpaced GAFAM in tech acquisitions per firm since 2018. (iii) GAFAM acquisitions are less concentrated across tech categories than other top acquirer groups, due, in part, to an “acquire-adjacent-and-then-expand” strategy. (iv) Over time, more and more GAFAM and other top acquirers acquire in the same categories. (v) No evidence suggesting that a GAFAM acquisition in a category, compared to similar categories without GAFAM acquisitions, is correlated with a slowdown in the number of new acquirers acquiring in that category. Overall, we find that technology acquisitions do not shield GAFAM from potential competition that may arise from other GAFAM members or other firms that acquire in the same categories.
TOTM Bloomberg reports that the Federal Trade Commission (FTC) plans a suit against Amazon to force the divestiture of the company’s logistics service. The suit, if correctly . . .
Bloomberg reports that the Federal Trade Commission (FTC) plans a suit against Amazon to force the divestiture of the company’s logistics service. The suit, if correctly described, would try and do through litigation what could not be achieved through legislation, when Congress did not enact the American Innovation and Choice Online Act (AICOA).
TOTM Sen. Richard Durbin (D-Ill.) earlier this month introduced legislation that aims to manufacture competition in the routing of credit-card transactions. If enacted, the measure would require that . . .
Sen. Richard Durbin (D-Ill.) earlier this month introduced legislation that aims to manufacture competition in the routing of credit-card transactions. If enacted, the measure would require that merchants be able to choose from at least two networks when processing most credit-card transactions.
TOTM Readers might recall my recent discussion of the Federal Trade Commission’s (FTC) new Bureau of Let’s Sue Meta, in which I covered, among other things, the . . .
Readers might recall my recent discussion of the Federal Trade Commission’s (FTC) new Bureau of Let’s Sue Meta, in which I covered, among other things, the commission’s proposal to modify its 2020 Decision and Order In the Matter of Facebook Inc. (now Meta). The 2020 order included complex behavioral requirements, in addition to a record-setting $5 billion penalty. One supposes that the consumer harm had been inestimable, given that the commission never did estimate it.
