US Department of Justice Challenges Apple's Market Dominance with Lawsuit
Friday, 22 March 2024, 05:07
US DOJ Takes Apple to Court For Monopolising App Store: Win for Crypto Apps?
The US Department of Justice has launched a major lawsuit against Apple Inc. This legal action accuses Apple of monopolizing the app market, hindering competition, and stifling innovation.
United States Fights Against Apple's 30% Tax
Filed on March 21 in a New Jersey federal court, the lawsuit is supported by 16 state attorney generals. It claims that Apple abuses its market dominance in smartphones to compel developers into using its payment system.
- Impacts of the Lawsuit on Apple's Stock Price
- Implications: Apple's stock price fell by 3.8% signaling investor concerns over regulatory challenges.
- Allegations: DOJ argues that Apple's App Store policies enforce 30% transaction fees and stifle innovation.
- Repercussions for Crypto and Web3 Sectors
- Actions: Policies restrict functionality of crypto-based apps on iOS, impacting leading platforms like OpenSea and Damus.
- Concerns: US lawmakers fear Apple's guidelines may hinder blockchain and crypto innovations.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.