Apple taking a 30% cut on all digital payments on the iPhone is a bad policy that harms its customers, and it's great they are finally seeing pressure to change this.
It's so silly the number of things you can't buy without dropping going into a mobile browser (Audible books, etc). Many people who have been on iPhone a long time don't realize how much better this is on Android (Google enforces this less strictly, although not perfect).
If Apple had the courage, they should probably see the writing on the wall, and make this change voluntarily instead of having courts slowly force their hand over many years. Short term pain (from loss of revenue), but it would probably come back to them in spades long term.
Not sure how the word "dropping" got in there - disregard!
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1/ Some really sketchy behavior coming out of the SEC recently.
Story time…
2/ Millions of crypto holders have been earning yield on their assets over the last few years. It makes sense, if you want to lend out your funds, you can earn a return. Everyone seems happy.
3/ A bunch of great companies in crypto have been offering versions of this for years. Coinbase came out recently and said we would be launching our own version.
1/ One thing we're working on at Coinbase is improving our "crypto forward" hiring and culture. A couple quick thoughts on this…
2/ As we've grown as a company, we sometimes haven't had the best reputation for being on the cutting edge of crypto. This makes sense - we grew so quickly, that a lot of time went into just scaling and operationalizing the existing products we have, which was existential for us.
3/ We didn't always have the time to focus on the cutting edge stuff, when we were just trying to keep the existing stuff running. A high quality problem to have, but a problem none the less.
1/ While the damaging language in the infrastructure bill remains, we all owe Sens. @RonWyden@SenLummis and @sentoomey enormous thanks for their work trying to protect innovation and the future of crypto in the United States.
2/ Senator @RonWyden has been a stalwart in advancing sound tech policy, and he deserves enormous thanks and praise from the American people for his leadership and resolve in pushing for sensible crypto provisions in the infrastructure bill.
1/ There are a few key moments that define our future. One is happening now in the Senate w/ the infrastructure bill. At the 11th hour @MarkWarner has proposed an amendment that would decide which foundational technologies are OK and which are not in crypto. This is disastrous.
2/ Senator @MarkWarner has asked for proof of stake validators to comply with the impossible, but not proof of work miners. Why? It’s not clear, but we could find ourselves with the Senate deciding which types of crypto will survive government regulation.
3/ This is the government trying to pick winners and losers in a nascent industry today, where some new technology is being developed every month. They are guaranteed to get it wrong, by writing in a few exceptions by hand today.
The number of crypto holders in the U.S. is somewhere between 10 and 50 million. This is becoming a very powerful constituent.
It's surprising to me that Senators like @RobPortman and @MarkWarner are willing to go against this many Americans.
They are using @SenatorSinema's name as the third person in support of this, but we're hearing behind the scenes that she has asked to have her name taken off the list.
She should come out and say this publicly, or she'll wind up associated with this anti-crypto move.
1/ If you’ve been following threads on the Infrastructure bill, you know that there is a hastily conceived provision related to digital assets. This provision could have a profound negative impact on crypto in the US and unintentionally push more innovation offshore.
2/ Coinbase is happy to help customers fulfill tax obligations just like the rest of the financial services industry. We've been doing this for years, and issuing more 1099s is a great idea. barmstrong.medium.com/coinbase-and-t…
3/ But the bill defines “brokers” to include anyone who “effectuates transfers of digital assets.” This means almost anyone in the crypto ecosystem (miners, validators, smart contracts, open source developers etc) could be treated as a “broker” with massive reporting obligations.