Google’s online advertising practices are under renewed scrutiny in the United Kingdom, as the Competition and Markets Authority (CMA) raised concerns over the company’s decision to retain third-party cookies in its Chrome browser. In July, Google reversed its plans to remove cookies, which track users across the web, after complaints from advertisers who rely on them to personalise ads. Advertisers feared that without cookies, they would have to depend on Google’s own user data, reducing competition.
To address these concerns, Google stated that Chrome users would be given the option to allow cookies to track them. However, the CMA invited feedback on this change and concluded that competition issues remain, despite Google’s revisions. The watchdog highlighted that Google’s approach could still harm competition in the digital advertising space.
The CMA announced it would seek further changes to Google’s plans to ensure fair competition. If Google does not adequately address the concerns, the CMA may take additional action to protect competition in the online advertising market.
Google has not yet responded to the CMA’s findings. The company’s advertising practices remain under global scrutiny as regulators examine their potential impact on market competition and consumer privacy.
After months of defiance, Elon Musk’s social media platform, X, has told Brazil’s Supreme Court that it has complied with orders to curb the spread of misinformation. The direction shift comes as Musk seeks to lift a ban on the platform following a prolonged battle with the Brazilian judiciary over what he called ‘censorship.’ The court had suspended access to X in late August, leaving Brazilians needing the platform in one of its largest global markets.
X, which boasts 21.5 million users in Brazil, attempted to circumvent the ban by using third-party cloud services, allowing temporary access. However, the effort was short-lived, especially after Moraes threatened heavy fines. In a more conciliatory move, X recently appointed a local legal representative in Brazil, signalling a shift in its approach.
In documents submitted to the court, X confirmed that it had blocked nine accounts linked to a hate speech and misinformation investigation. The action reflects a change in Musk’s strategy, as sources close to him suggest he now plans to comply with local laws while continuing to defend free speech through legal avenues.
Why does it matter?
Musk’s battle with the Brazilian judiciary mirrors similar tensions in countries like Australia and the UK, where governments are working to curb online misinformation. Despite his stance as a free speech advocate, Musk’s recent actions in Brazil indicate a more pragmatic approach to navigating regulatory challenges in key markets.
As X awaits the court’s decision, which could restore access within days, analysts believe that Musk’s surprising backtracking demonstrates a recognition that fighting the law in Brazil could have further damaged his standing in the country. Now, the company appears ready to respect legal boundaries, even if it means fighting battles in the courtroom rather than on the platform.
Italy‘s antitrust agency has launched an investigation into a Dublin-based company that runs Shein’s website and app over potentially deceptive environmental claims. The investigation targets Infinite Styles Services Co. Limited, accusing Shein of using unclear and misleading language to present its products as environmentally sustainable. It specifically questions claims related to Shein’s ‘evoluSHEIN’ collection, which may mislead consumers about the use of eco-friendly fabrics and the recyclability of its clothing.
Shein stated that it is prepared to cooperate with Italian authorities and provide necessary information fully. This investigation is part of a larger European push to combat ‘greenwashing,’ with the EU enforcing new rules that require companies to substantiate their environmental claims with clear evidence. Italy’s antitrust body also highlighted inconsistencies between Shein’s sustainability promises and the rise in greenhouse gas emissions the company reported in 2022 and 2023.
The case reflects a wider trend as European regulators intensify scrutiny of companies making environmental claims. Under Italy’s consumer protection laws, companies found guilty of misleading practices could face fines ranging from 5,000 to 10 million euros.
A federal judge has ruled that New York City’s law requiring food delivery companies to share customer data with restaurants is unconstitutional. The decision, handed down by US District Judge Analisa Torres, found the law violated the First Amendment by regulating commercial speech inappropriately.
The law, introduced in 2021 to support local restaurants recovering from the COVID-19 pandemic, required delivery platforms like DoorDash and UberEats to share customer details. Delivery companies in US argued that the law threatened both customer privacy and their business by allowing restaurants to use the data for their own marketing purposes.
Judge Torres stated that New York City failed to prove the law was necessary and suggested alternative methods to support restaurants, such as letting customers opt-in to share their data or providing financial incentives. City officials are reviewing the ruling, while delivery companies hailed it as a victory for data protection.
The New York City Hospitality Alliance expressed disappointment, claiming the ruling hurts small businesses and calling for the city to appeal the decision.
Societe Generale has partnered with Bitpanda to integrate crypto and stablecoins into the global financial system. The collaboration focuses on the mainstream adoption of Societe Generale-FORGE’s euro-denominated stablecoin, EUR CoinVertible (EURCV). The partnership is seen as a pivotal move towards establishing stablecoins as an essential element in modern finance, according to Jean-Mark Stenger, CEO of Societe Generale-FORGE.
As the Markets in Crypto-Assets (MiCA) bill prepares for full implementation on 30th December, both companies aim to position EURCV as a regulated, reliable digital currency for European users. Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, highlighted that regulated stablecoins will serve as a crucial link between traditional finance and the burgeoning crypto landscape.
Stablecoins play a vital role in facilitating access to digital assets, with the new EURCV set to be listed on the Bitpanda trading platform. With Societe Generale being one of the largest banking groups globally, holding over $1.7 trillion in assets, this partnership marks a significant step towards the evolving relationship between traditional finance and cryptocurrencies.
As the MiCA bill aims to establish a comprehensive regulatory framework for the crypto industry in the European Union, experts acknowledge that its success may depend on overcoming technical complexities and fostering international cooperation.
Mozilla has been hit with a privacy complaint by NOYB, an advocacy group, over tracking users of its Firefox browser. NOYB, based in Vienna, claims that Mozilla’s privacy-preserving attribution feature tracks user activity on websites without their explicit consent.
Mozilla responded, stating that its feature aims to improve advertising practices by reducing invasive tracking. While NOYB acknowledges the feature is less invasive, the group argues it still violates European privacy laws by being enabled by default.
Privacy activist Max Schrems’ organisation has criticised Mozilla for not allowing users to opt in. NOYB’s data protection lawyer, Felix Mikolasch, said users should be able to make a choice, and the current system infringes on their rights.
Caroline Ellison, former CEO of Alameda Research, has been sentenced to two years in prison for her involvement in the collapse of the cryptocurrency exchange FTX. The case, one of the largest financial scandals in US history, saw Ellison plead guilty to fraud charges and cooperate extensively with authorities to secure the conviction of FTX founder Sam Bankman-Fried, who received a 25-year prison sentence.
Ellison’s legal team had requested time served and supervised release, emphasising her crucial role in helping federal investigators uncover the misuse of billions in customer funds. However, District Judge Lewis A. Kaplan, while acknowledging her cooperation, ruled that Ellison must still serve time and forfeit around $11 billion.
Her cooperation with prosecutors has been central in exposing the FTX scandal, but the court concluded that her involvement in the mismanagement of funds warranted a prison sentence, drawing attention from legal experts and the broader crypto community.
In a crucial court case, Coinbase, the largest US cryptocurrency exchange, confronted the Securities and Exchange Commission (SEC) in Philadelphia. The exchange is calling on the SEC to create new regulations for digital assets stemming from a lawsuit over the agency’s failure to address a 2022 petition. The petition aimed to clarify when a digital asset is deemed a security and suggested a new regulatory framework specifically designed for the cryptocurrency sector.
The SEC rejected Coinbase’s request in December 2023, asserting that current regulations are adequate for the cryptocurrency sector. Coinbase’s attorney argued that the SEC’s refusal to clarify registration processes has hindered the exchange’s ability to operate within US laws. In contrast, an SEC lawyer maintained that the agency is not obligated to create new rules, suggesting that businesses like Coinbase must adapt to the existing regulatory framework.
This legal dispute highlights an ongoing tension between the cryptocurrency industry and the SEC, which asserts that many crypto tokens qualify as securities and fall under its jurisdiction. The crypto sector largely views itself as existing in a regulatory grey area, pushing for new legislation to provide more precise guidelines for managing digital assets. This ongoing struggle underscores the need for a cohesive framework that addresses the unique challenges of the rapidly evolving crypto market.
As the appeals court considers both sides, the outcome could have significant implications for how cryptocurrencies are regulated in the United States, potentially shaping the industry’s future.
Chinese Bitcoin miners continue to control a significant portion of the global mining network, holding over 55% despite the country’s outright ban on cryptocurrencies. According to Ki Young Ju, CEO of CryptoQuant, while Chinese mining pools dominate the network, US pools gradually gain ground, managing around 40% of the mining power. The US pools primarily serve institutional miners, whereas Chinese pools cater to smaller miners in Asia.
This continued dominance persists despite China’s blanket ban on Bitcoin mining and trading, implemented in 2021. Even with these restrictions, technological advancements and the decentralised nature of cryptocurrencies have allowed mainland users to circumvent regulations, leading to increased money laundering risks. In response, China is set to amend its Anti-Money Laundering (AML) regulations in 2025 to oversee cryptocurrency transactions better.
The crypto market faces challenges, with Bitcoin miners reporting the lowest revenue in a year during August. Mining revenue fell to $827.56 million, a decrease of over 10.5% from July but a slight increase from the previous year. The number of Bitcoins mined also dropped from 14,725 in July to 13,843 in August, as the cryptocurrency remained around $25,000 for much of the month.
Brazil is witnessing a rapid rise in online sports betting, attracting foreign companies but raising alarms over its economic impact. While the government anticipates increased tax revenue, experts are concerned that gambling diverts money from consumer spending. Gabriel Galipolo, the incoming central bank governor, noted that this surge may hinder the benefits of rising incomes, as savings and consumption growth appear to be stalling due to the increased focus on betting.
Brazilians spent more than $12 billion on foreign betting platforms in the past year, placing the country among the world’s largest sports betting markets. Despite laws prohibiting the use of credit cards for betting, critics warn that gambling is taking a toll on household budgets, particularly among lower-income families. An increasing share of family income is being funnelled into betting, reducing spending on essentials like food, clothing, and healthcare.
The rapid growth of the gambling industry in Brazil has attracted major players like Betfair, Betsson, and Caesars Sportsbook, all keen to tap into the country’s 200 million sports enthusiasts. However, research from the U.S. indicates that legalised betting can lead to serious long-term consequences, such as rising credit card debt, bankruptcies, and economic instability for struggling families. Brazil now faces the challenge of balancing the potential economic benefits of the betting sector with the risks of increasing financial pressure on its citizens.
