Crypto shops weary from last year's sequence of unfortunate events likely have strenuous regulatory calisthenics waiting for them, and executives see compliance costs rising across the board.
Why it matters: Regulators' hawkish stance on the industry signals a coming torrent of enforcement action — one that the major exchanges might be able to withstand, but that could choke out smaller firms, their products, or shrink the number of jurisdictions they operate in.
House Republicans plan to launch a new investigative panel this week that will demand copies of White House emails, memos and other communications with Big Tech companies, top sources tell Axios.
Why it matters: Speaker Kevin McCarthy plans a quick spate of red-meat actions and announcements to reward hardliners who backed him through his harrowing fight for the gavel.
TikTok enters 2023 facing deepening doubts in Washington about its future in the U.S. thanks to its ownership by China-based ByteDance.
Why it matters: The short-video colossus now dominates the American social media landscape, raising concerns among lawmakers, competitors and users over data security, privacy and freedom of speech.
Seattle Public Schools is suing social media companies including TikTok and Meta, saying the tech giants' "misconduct has been a substantial factor in causing a youth mental health crisis."
Driving the news: "This mental health crisis is no accident. It is the result of the Defendants’ deliberate choices and affirmative actions to design and market their social media platforms to attract youth," the lawsuit states.
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