The fallout from cryptocurrency exchange FTX’s implosion continues, as BlockFi becomes the latest crypto lender to file for Chapter 11 bankruptcy protection, in the wake of similar moves by Voyager and Celsius. BlockFi, which was to have been acquired by FTX, filed in U.S. Bankruptcy Court for the District of New Jersey indicating more than 100,000 creditors, and liabilities combined with assets that range from $1 billion to $10 billion. An outstanding loan to Sam Bankman-Fried’s bankrupt American division FTX US for $275 million was among the liabilities. Continue reading Cryptocurrency Implosion Continues with BlockFi Bankruptcy

The Federal Communications Commission has unveiled a draft of its long-awaited broadband maps, which detail broadband availability across the country. “The maps will only get better from here,” FCC chairwoman Jessica Rosenworcel said, emphasizing that even in this early form they are a lot better than what had been available. The new maps integrate information from broadband providers with hundreds of location-specific data sources, providing an accurate-to-the-home picture of fixed and mobile broadband availability. Users now have “a one-stop-shop” to search their address and find the Internet service providers available to that location. Continue reading FCC’s Latest Broadband Maps Aim to Turn Up Heat on ISPs

The Federal Communications Commission has unveiled specifics for new labels that clarify hidden fees and surprise rate hikes on consumer broadband services. Broadband providers will be required to display, at the point of sale, labels that show key information about prices, speeds, fees, data allowances, and other key information using a format that resembles the familiar “nutrition labels” that appear on food products. Emphasizing broadband as “an essential service, for everyone, everywhere,” FCC chairwoman Jessica Rosenworcel said the labeling rules apply to both wired and wireless services. Continue reading FCC Rules Require ISPs Provide Broadband Nutrition Labels

A coalition of more than 20 advocacy groups with an interest in child safety is petitioning the Federal Trade Commission to prohibit social media platforms including TikTok as well as online games and other services from bombarding kids with ads and using other tactics that may hook children online. Regulators are being lobbied to prevent online services from offering minors “low-friction rewards” — unpredictably granting positive reinforcement for scrolling, tapping or logging on to prolonged use. The groups say the technique is the same used by slot machine makers to keep gamblers engaged. Continue reading Advocacy Groups Seek to Enact Online Rules to Protect Kids

The advertising industry is pushing back against the Federal Trade Commission’s exploration of rulemaking as relates to collecting personal data to serve ads, which the FTC is calling a crackdown on “commercial surveillance.” The Interactive Advertising Bureau (IAB) says the FTC’s definition of that loaded term is “so broad” that any resultant rulemaking “could criminalize the Internet itself” as well as potentially reduce digital ad spending by billions of dollars. FTC chair Lina Khan says “potentially unlawful practices may be prevalent” in the “endless hoovering up of sensitive user data” that has become common practice in ad targeting. Continue reading IAB Says FTC Digital Ad Inquiry May End Up Costing Billions

The White House has issued a “blueprint” for consumer protections with regard to artificial intelligence. Aimed at guiding federal agencies while setting the bar for future legislation, the voluntary directive offers five areas of focus — safety, algorithmic discrimination protection, data privacy, notice, human alternatives — and a section on applying the rules. “Among the great challenges posed to democracy today is the use of technology, data, and automated systems in ways that threaten the rights of the American public,” begins the bill, which says such tools are “too often used” to limit opportunities and prevent access to critical resources or services. Continue reading White House Creates a ‘Blueprint’ of AI Rights for Consumers

Delaware Chancery Court judge Kathaleen McCormick says she expects the trial in Twitter’s lawsuit against Elon Musk to continue as scheduled, beginning October 17, despite a letter his attorneys sent Twitter management saying the mercurial Tesla chief intends to go through with his proposed $44 billion acquisition if the social media company drops its lawsuit against him. In a Wednesday filing, McCormick said the court expects Twitter’s delayed deposition of Musk, scheduled for today, to proceed as planned. However, as of last night it was reported that Musk and Twitter agreed to postpone the billionaire’s deposition. Continue reading Twitter Fate Still Vague After Musk Reaffirms Intent to Acquire

European Commission president Ursula von der Leyen signaled the bloc is preparing the implement a regulatory framework for the metaverse, writing in her annual Letter of Intent for the State of the Union address that the Commission will in 2023 advance an “initiative on virtual worlds, such as metaverse.” The EU’s internal market commissioner, Thierry Breton, expanded on that in a blog post that Europe’s “way to foster the virtual worlds” will be threefold, focusing on “people, technologies and infrastructure,” with speculation bubbling that the third prong will involve some sort of carrier tax. Continue reading EU Hints at Introduction of Metaverse Regulations and Taxes

Ethereum completed its highly anticipated software upgrade known as The Merge last week, shifting to a more eco-friendly and sustainable framework. The upgrade is designed to reduce Ethereum’s energy consumption while making the platform cheaper and easier to use and laying the groundwork for future improvements. Ethereum developers prepared with diligence and attention to detail, but the industry was still on pins and needles as engineers scanned for snags and, though unlikely, braced for the possibility of systemwide collapse. Huge in scale, it was a high-wire act transitioning a live network. Continue reading Ethereum Foundation Completes ‘Merge’ for Energy Efficiency

The European Union has released additional details of its Cyber Resilience Act (CRA), proposed cybersecurity rules initially introduced last year aimed at the growing number of smart devices and the Internet of Things. The goal is to introduce effective regulations that would help curb surging cyberattacks. Major tech companies from Apple to Amazon and LG would need to meet strict new standards in the connected electronics space or face significant fines that could run as high as the greater of $15 million or 2.5 percent of a company’s worldwide revenue. Continue reading EU’s Cyber Resilience Act Plans to Augment Security for IoT

Canada is taking steps to ensure that digital platforms such as YouTube, Netflix and Spotify adequately represent Canadian artists for users who log in from a Canadian IP address. In an effort to protect Canada’s cultural identity, the nation’s television and radio broadcasters are required to fill a local content quota as a licensing condition, and the new bill — which passed the lower house of Parliament last week — would create a similar mandate for digital platforms, said Canada’s minister of heritage Pablo Rodriguez. The bill, C-11, awaits approval by the Senate to become law. Continue reading Canada Revives Bill to Up Local Content on Digital Platforms

Chinese tech and entertainment conglomerate Tencent Holdings posted a 23 percent first quarter profit decline on earnings that inched up only 0.1 percent, its worst results since publicly listing on the Hong Kong Stock Exchange in 2004. China’s COVID-19 resurgence and the ensuing regulatory crackdown of the past year were cited as factors. The world’s largest video game developer said that it is refocusing on quality product as Beijing telegraphs it will limit the number of titles release in the coming months. Authorities suspended video game licenses and put time restrictions on game streaming in an effort to protect the nation’s youth. Continue reading Tencent Reports a Significant Profit Decline on Flat Revenues

Twitter enthusiast Elon Musk revealed he is also a Twitter investor, surprising Wall Street as well as the communications industry with news that he now owns 9 percent of the company’s stock, making him its largest shareholder. As of March 14, his stake stood at 73.5 million shares, valued at $2.9 billion. The revelation sent Twitter stock up 27 percent on Monday, the company’s largest one-day gain on record. The Tesla chief has more than 80 million Twitter followers. The disclosure indicates Musk owns more Twitter shares than the Vanguard Group and company co-founder Jack Dorsey. Continue reading Tesla CEO Elon Musk Becomes Biggest Twitter Shareholder

Companies including Amazon, Google and Walmart are quietly beginning drone deliveries across the U.S., according to reports. Everything from Advil to take-out meals are fair game for robot delivery to one’s doorstep, with the various companies experimenting in the space completing between dozens and up to hundreds of deliveries a day. Walmart has begin working with San Francisco startup Zipline on deliveries in Arkansas. Israeli startup Flytrex, specializing in U.S. food delivery, opened a station in Texas following testing in North Carolina. Wing, a unit of Google-owner Alphabet, is delivering in Virginia. Continue reading Amazon, Google Among Companies Testing Drone Deliveries

The European Commission has proposed new rules on who can use and access data generated across economic sectors in the European Union. The proposed legislation would require Amazon, Microsoft, Google and other cloud service providers as well as those who harvest data to establish safeguards preventing non-EU governments from illegally accessing EU consumer information. “We want to give consumers and companies even more control over what can be done with their data, clarifying who can access data and on what terms,” said Margrethe Vestager, the EC’s commissioner for competition, in announcing the Data Act. Continue reading Data Act Aims to Protect EU Consumers in Smart Device Era