Apple Faces Scrutiny Over App Store Policies Amid NFT Growth

Apple Inc. is under scrutiny for its App Store practices, particularly in relation to the growing sectors of cryptocurrency trading and non-fungible tokens (NFTs). 

On July 28, House Representatives Gus Bilirakis (R-Fla.) and Jan Schakowsky wrote a letter to Apple CEO Tim Cook, requesting detailed information about its App Store policies. 

They expressed concerns about the potential limitations these policies could impose on the development of crypto and blockchain technologies.

App Store Policies Raise Concerns

The representatives noted that it seemed Apple was using its App Store guidelines to profit and reduce the use of apps in crypto, NFT, and other blockchain technology. 

They highlighted that Coinbase had previously accused Apple of forcing it to remove NFT transfers from its App Store app. Similar accusations have been made by many NFT companies, who claim Apple made them launch “Lite” versions of their apps.

Source: Depositphotos

Impact on Blockchain and Emerging Technologies

These concerns come amid broader worries that the App Store’s policies could hinder American leadership in blockchain and other emerging technologies. 

The representatives asked 21 detailed questions, which Apple must answer by August 14, 2023. 

These questions range from general inquiries about the company’s app admittance policies related to security and data privacy to more specific ones, such as whether Apple has explored Solana’s safe element feature and if it intends to develop apps using blockchain-related technologies.

Industry Leaders Express Support

Crypto Council CEO Sheila Warren expressed support for the government’s queries, stating that they show cryptocurrency is not a political issue and that both Republicans and Democrats are serious about America’s role in the future development of the blockchain and cryptocurrency market. 

Coinbase CLO Paul Grewal also commented, suggesting it’s time Americans reconsider their approach to digital currencies and the technologies behind them.

Potential Impact on Crypto and NFT Sectors

The outcome of this inquiry could have significant implications for the crypto and NFT sectors and how they are regulated on Apple’s App Store. As the deadline for responses approaches, stakeholders in the blockchain and cryptocurrency industry eagerly await Apple’s answers and any potential changes to its App Store policies.