Tech companies have taken a few legal hits over the past couple of years. For example, Apple recently lost a lawsuit regarding third-party payment systems, while Facebook has been under fire for COVID and election-based misinformation, and even sex-trafficking. The tech industry is one of the biggest in the world, raking in over $350,000 every minute between just seven tech companies, so any legislation that manages their scope and power would be a welcomed limit on their potential. The EU and US governments have declared the creation of a new group dedicated to managing and limiting tech groups. This group will be formed at the US-EU Trade & Technology Council, and will work toward creating a safer and more regulated industry. The areas that this group will be looking to control and manage things like transatlantic trade and the tech-based economy, as well as the more nebulous democratic values. The memo also mentions hate speech limitation, algorithmic amplification, and data access for researchers, all of which are large problems within the world of social media. However, it’s not just social media. Apple has been pinned as another topic of conversation when looking at this new legislation, with the memo mentioning the shortage of semiconductor chips, seeking a way that is “balanced and of equal interest for both parties.” It may also focus heavily on trade regulation and pro-consumer behavior (like not released new chargers for each phone update), but this is just speculation. While some people get panicked at the idea of regulating businesses, the tech industry is relatively young and has yet to really face any major kind of governmental adversity, which has allowed for things like rampant misinformation and hate groups to go unchecked in some places. Hopefully these new laws will allow for a healthier tech industry, a safer internet, and a more even tech-based economy.
