Thu. 07/08 – The States Go After Google First

Jul 8, 2021 18m

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State Attorneys General file an antitrust suit against Google. But why them, first? Visa wants you to spend crypto via their platform. Fintech leads a record first half of the year for VC raises. And if payment for order flow were nixed by the SEC, what would that do to Robinhood?

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36 states, D.C. sue Google for alleged antitrust violations in its Android app store (Politico)
Visa is partnering with over 50 crypto companies to allow clients to spend and convert digital currencies (Markets Insider)
OnePlus confirms the OnePlus 9 and 9 Pro throttle many popular apps to improve battery life (XDA Developers)
Global Venture Funding Hits All-Time High In First Half Of 2021, With $288B Invested (Crunchbase News)
London fintech funding soars in first half of the year (Reuters)
Twitter Pledges to ‘Fully Comply’ With India Internet Rules (Bloomberg)
Robinhood’s Debut Is Clouded by SEC Scrutiny of Payment for Order Flow (Wall Street Journal)

Weekend Longreads Suggestions:

Mark Zuckerberg and Sheryl Sandberg’s Partnership Did Not Survive Trump (New York Times)
The U.S. says humans will always be in control of AI weapons. But the age of autonomous war is already here. (Washington Post)
GitHub Copilot is not infringing your copyright (Julia Reda)
Ireland’s Days as a Tax Haven May Be Ending, but Not Without a Fight (New York Times)

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AI-Generated Summary

Antitrust Suit Against Google

A group of 36 state attorneys general and the District of Columbia has filed an antitrust lawsuit against Google, claiming that the company's Play Store policies force developers to use Google's billing system, leading to higher prices and reduced security for consumers. Google counters that the lawsuit mainly benefits a few large developers who want to bypass fees. This suit mirrors other legal actions against Google regarding its influence on mobile search and advertising technology.

Visa Embraces Cryptocurrency

Visa is advancing in the crypto space by partnering with over 50 crypto companies, allowing consumers to easily convert and spend their digital assets via Visa-linked cards. Over $1 billion was spent through these cards in the first half of the year. Visa aims to simplify the transaction process for merchants by converting cryptocurrencies into fiat currency instantaneously, catering to the growing crypto-savvy consumer base.

OnePlus Throttles Apps to Improve Battery Life

OnePlus confirmed that the OnePlus 9 and 9 Pro smartphones throttle the performance of many popular apps to enhance battery life. The company's mechanism manages CPU performance based on app usage, but this has raised concerns especially since popular social media and productivity apps are among those throttled. Despite this throttling, the devices reportedly remain fast and efficient.

Record Venture Capital Funding

Venture capital investment in tech startups reached a staggering $288 billion in H1 2021, marking a record-breaking increase. Notably, FinTech emerged as the hottest sector, attracting $54.1 billion in investments, a significant increase compared to previous years. Major players like Tiger Global and Insight Partners dominated the investment landscape, leading numerous funding rounds and adding a vast number of new portfolio companies.

Robinhood and Payment for Order Flow Controversy

Robinhood's upcoming IPO is under scrutiny due to its revenue reliance on payment for order flow, which constitutes 81% of its Q1 earnings. This controversial practice has sparked concerns among regulators, possibly facing a ban from the SEC. If payment for order flow is dissolved, it could significantly impact Robinhood's business model, although industry veterans believe the company might adapt by leveraging its customer base.

Twitter Compliance with Indian IT Rules

Twitter has pledged to comply fully with India's new IT regulations by appointing necessary compliance officers, following a period of tension with the Indian government over these requirements. This move aligns Twitter with other social media entities that have already initiated compliance measures.

Longreads Suggestions

Listeners are encouraged to delve into selected longreads covering various topics including the power dynamics at Facebook, the ethical implications of autonomous weapons, the copyright issues surrounding GitHub Copilot, and insights on Ireland's tax strategy in light of global agreements on corporate tax.