Twitter is crashing straight into politics — but Elon Musk’s grandiose next idea could be a full pile-up with the federal government
If the X App developed digital wallets for users or a crypto-friendly token for payments, Musk could face opposition from banking regulators like the Federal Reserve and Treasury as well as top lawmakers on the Senate Banking and House Financial Services committees. The Consumer Financial Protection Bureau would likely weigh in on how the social network handled instances of fraud and abuse.
Even before Musk took over, however, Twitter struggled to meet basic privacy and data-handling requirements. Though Congress hasn’t managed to pass a comprehensive data privacy bill, several states are already plowing ahead with their own rules, including California, Virginia and Colorado, creating a complicated patchwork for tech companies to navigate. And any company with a global presence also needs to worry about Europe’s data privacy law — the General Data Protection Regulation — which gives consumers the right to opt out of data collection.
So an X App could track your fitness, scrape your data and log your steps, but hit a wall when it comes to the highly regulated world of the American medical system. It doesn’t mean Musk wouldn’t try — but he’d need to find partners willing to test the edges of what’s possible under the law. Ian McAdams, a specialist in the automotive technology practice at the Orrick law firm, envisions an app that offers a “hub of information” for easy access to “hopping on transit, hopping in a rideshare, hailing an automated system — who knows what that will look like, at what point.”
She said antitrust regulators may be concerned about a vertical relationship wherein Musk incentivizes his X App offering over competitors. And antitrust regulators may weigh in if Musk purchases another app that competes directly on his platform.
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