Lawsuit Targets iOS Store's Crypto Curbs!

The lawsuit accuses Apple of stifling innovation in the app market, especially when it comes to crypto app development.

Author

Danielle du Toit
March 22, 2024

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Here's what we've got for you today:

  • Apple Faces Major Antitrust Lawsuit Over App Store Monopoly Claims

  • Stablecoin Market Capitalization Sets Record, Surpasses $150B Mark

  • Industry Executives Anticipate Major Shifts Post-Bitcoin Halving

  • TradFi Wall Street Firms Pushing for Ether ETF Approval, says Former Binance Labs Head

The lawsuit accuses Apple of stifling competition and innovation in the app market, especially when it comes to crypto app development.

  • The lawsuit accuses Apple of enforcing arbitrary App Store guidelines and developer agreements that result in excessive fees, less innovation, and limited competitive options, which especially effects crypto-based apps on iOS devices.

  • A key issue is "Apple tax," a 30% commission on app and in-app purchases, which only supports fiat currency transactions, thus preventing the integration of crypto transactions in apps.

  • The lawsuit also criticizes Apple's random enforcement of its App Store rules, which apparently targets developers that make use of technologies that could disrupt Apple's market dominance.

On Mar. 21, the total market cap of stablecoins surpassed $150 billion for the first time in 18 months.

  • According to CoinGecko, in addition to the growth in market cap to $150.5 billion, daily trading volume for stablecoins approached $122 billion.

  • Tether (USDT) lead the stablecoin market with a 70% dominance, while USD Coin (USDC) was the second largest, holding over 20% market share with a $31.8 billion capitalization.

  • DAI ranked third, with a market capitalization of $4.7 billion, accounting for about 3% of the market share.

The Bitcoin mining industry is on the brink of a pivotal moment with the Bitcoin halving event just around the corner.

  • Industry leaders predict that the upcoming Bitcoin halving will benefit large mining firms, while challenging smaller operations with decreased rewards and profitability.

  • Adam Swick of Marathon Digital believes that larger companies are likely to weather the halving better due to their access to capital and more efficient operations.

  • Michael Bennet of OceanBit pointed out that operational efficiency and strong capital structure will be crucial for miners to remain competitive after the halving.

Wall Street companies show greater interest in Ether ETFs than crypto enthusiasts, mostly due to the management fees associated with ETFs.

  • Launching and gaining approval for Ether ETFs is crucial for Wall Street firms who are always trying to increase their assets under management (AUM) to push up their revenue.

  • The potential approval of Ether ETFs is seen positively by the crypto community, but large financial institutions are way more motivated by the opportunity to collect ETF-related fees.

  • Grayscale's Bitcoin ETF charges the highest management fee at 1.5%, followed by BlackRock and Fidelity at 0.25%, and 21Shares at 0.21%.

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