Technical Policy Challenges and Possible Recession

Hello and welcome to Protocol Approach! Today, we look at how a potential market crash affects your policy priorities; Treasury Secretary Janet Yellen called for stable currency regulation after one of the most important assets in the space suffered a mysterious decryption; Privacy experts are concerned about the end of end-to-end encryption after the European Union unveiled aggressive anti-CSAM plans.

Shifts in politics for a falling economy

Nothing disrupts political agendas like a recession. This is doubly true for a potential recession that forms six months before midterm. Politicians will be eager to quell the frustration that accompanies inflation, dwindling jobs and the governor’s downturn — all converging in the wake of a two-year shutdown that has eroded public trust in elected officials, the media and the scientific establishment.

Technology will be a popular target in a downturn. Historical equation to address the anger of the recession? punch. By these standards, no target is more feasible than technology, which has emerged from the pandemic stronger than ever.

This means that the technical policy environment is poised to undergo a transformation, Although the volume depends on where the markets are headed from here.

Hiring practices will receive further scrutiny. There are already signs that tech companies are cutting labor costs, such as slowing hiring at Meta, Netflix, Robinhood and Uber.

  • Hiring slowdown is one thing, but it also appears that tech companies are more reliant on outsourcing hiring in China and India. According to the Wall Street Journal, the growing prevalence of telecommuting, severe restrictions on the H-1B visa, and a shortage of skilled workers in the United States are driving this trend.
  • The optics related to outsourcing are not at all popular locally, but this can be especially true in downturns. Republicans are also poised for a landslide victory in the midterms, and Trump’s wing of the party has placed a strong emphasis on domestic hiring and crackdowns on H-1B solutions.

Crypto Lobby has a harder case to make. Crypto skeptics are standing on solid ground now that the NFT and cryptocurrency markets have been hit. This places an even greater burden of proof on the industry and its lobbyists at a time when the regulatory environment is particularly resilient.

  • The crypto lobby has been pushing New York to relax its BitLicense requirements, which limit the types of digital assets that central exchanges can offer. With many eager investors facing the financial ruin of cryptocurrency losses, restrictions on asset types appear to be a responsible and possibly necessary barrier as well.
  • Similarly, it is difficult for Fidelity to argue that bitcoin should be allowed in a 401(k) second when bitcoin has lost about half of its value in a six-month period.

Politicians will have a harder time selling the optics of tax subsidies, Which has benefited greatly from the technology sector in recent years. If the recession hits hard, the support model for broadening the tax base is likely to become less popular. The headlines practically write themselves: “Trillion Dollar Company Receives Taxpayer Benefits While You Suffer.”

  • We have seen this narrative play out with the anti-bailout movement that emerged from the 2008 financial crisis.
  • It’s hard to say if this dynamic will translate into reduced support – it could just mean fewer big-check photo shoots at press conferences.

– Hirsch Chitkara (E-mail | Twitter)

in Washington

Treasury Secretary Janet Yellen said it would be “very appropriate.”To set the goal of passing stablecoin legislation this year. Yellen was speaking at a Senate Banking Committee hearing, where she expressed her concerns about the stablecoin TTS. While stablecoins are supposed to have a fixed ratio to a particular coin, the stablecoins have broken up, dropping from their $1 value to $0.23.

Senate looks balanced To confirm that Alvaro Bedoya is the fifth FTC commissioner today After months of false starts, long breaks, procedural hurdles, failure to get extra votes, and the unexpected absence of COVID-19. It is expected to be confirmed by the lowest margins. It’s not like most of Biden’s tech agenda revolves around voting or something else.

The head of the Justice Department’s antitrust division, Jonathan Kanter, has been removed from some matters related to Google While the department is deciding whether to formally step down, according to a report in Bloomberg. Google has asked Kanter to step down due to his long past work with the company’s opponents who have lobbied for a US antitrust lawsuit against Google. Kanter’s allies say his attorney has not crossed into the area requiring stepping down under the rules, and that he hasn’t changed his positions on any issue.

US Immigration and Customs Enforcement has extensive ability to look into DMV records and utility records, According to a new report from the Center for Privacy and Technology at Georgetown University. The report found that ICE can look at certain data directly, but also obtain extensive records from private data brokers. Overall, ICE’s efforts, which include searches by facial recognition on nearly a third of adult driver’s licenses, have cost billions since 2008.

If at any point in time the sofa was ditched when the phrase “Only Murders in the Building” went into commercials, A group of Democratic lawmakers is with you. They want to extend the law against overly loud TV ads to include streaming services like Hulu.

in countries

Connecticut’s governor signed the state’s data privacy legislation into law just weeks after Utah introduced its fourth state law. Businesses have become increasingly concerned about disparate rules as state approaches have proliferated and Congress continues to shrug it off as if it were powerless. Tech interests succeeded in making the latter’s laws friendlier, but Connecticut’s action bucked the trend and favored consumer groups.

It appears that the federal appeals court judges deciding whether to allow a Texas law that penalizes social media for alleged anti-conservative bias to wrestle with basic technical facts, Like…whether Twitter was a website.

Message from the progress room

New polls show that American voters do not see regulation of tech companies as a priority. Their most important concern is strengthening the national economy (38%), followed by controlling inflation (37%). By contrast, only 5% of survey respondents prioritized regulating tech companies.

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on protocol

The tipping point for electric vehicle adoption has arrived, according to ChargePoint CEO Pasquale Romano, which O. and C performed with the protocol. Romano said the electric car charger market was experiencing a demand shock rather than a supply shock. “There is a lot of material in the ground to support what we do,” he said.

The days of the three competing offerings for software engineers seem to be coming to an end. It’s easy to overreact, but it’s still safe to assume that every competent engineer will be able to find work. “There is a slowdown, compared to just the hectic way things were six months ago,” one recruit told Protocol.

around the world

European Commission announced Plan to have tech companies proactively scan and report on CSAM. The commission also said it would require companies to use age verification, deploy artificial intelligence to detect language patterns for grooming in messaging services and scan user posts for signs of abuse. Critics argue that the plan would require mass surveillance and force companies to crack end-to-end encryption. One Cyber ​​Security Academy The proposal is called “The most terrifying thing I’ve ever seen.”

The UK government has announced plans to develop its own data privacy bill, Confirmation of an upcoming exit from the General Data Protection Regulation (GDPR) after Brexit and potentially jeopardizing data flows to the continent.

Meta called a German antitrust order ‘manifestly flawed’ After the watchdog found that Meta had violated EU data protection rules by collecting user data without consent.

In media, culture and metaviruses

Match group lawsuit Google, alleges various violations of antitrust laws and says it is a “hostage” of Google. Google responded that the owner of Tinder and Hinge did not want to get the “great value” of their presence on Android. If this all sounds like Epic suing Google, or the successful Match complaints about Apple in the Netherlands, congratulations, you’ve been paying attention.

Elon Musk said he allowed Trump to return on Twitter, He called the initial ban a “morally bad decision” that undermines trust in the platform. “If there are false and bad tweets, they should be deleted or made invisible, and the suspension – temporary suspension – is appropriate, but not a permanent ban,” Musk said at the Financial Times’ Future of the Car summit. .

Content moderators in Kenya accuse Meta of union-busting, privacy violations and poor working conditions. The lawsuit was filed on behalf of the content moderator who claims he was not properly informed of the nature of the role and suffers from severe PTSD as a result of the work.

in the data

85 hours per week: That’s the amount of time TikTok employees in the US spend in meetings, the Wall Street Journal reports. The article details a stressful work culture that partly shows the clash of work cultures in China and the United States “I actually think I had a sleep disturbance from working late into the evening,” a former employee said in a YouTube video recounting the work experience.

Message from the progress room

New polls show that the top tech policy concerns for voters are cybersecurity and data privacy. Only 7% of respondents prioritized antitrust measures and 1% prioritized changes to App Store rules. In fact, the majority (58%) believe that the pending technology antitrust law will cause more harm than helping consumers.

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iPod RIP

More than two decades after its debut in 2001, production of the iPod was discontinued. Apple announced the move on Tuesday, comforting enthusiasts while affirming that “the spirit of the iPod is still alive,” Apple chief marketing officer Greg Joswiak said.

Thanks for reading – see you Friday!

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