Internet Security

Europe dials up pressure on tech giants over election security

The European Union has announced a package of measures intended to step up efforts and pressure on tech giants to combat democracy-denting disinformation ahead of the EU parliament elections next May. The European Commission Action Plan, which was presented at a press briefing earlier today, has four areas of focus: 1) Improving detection of disinformation; 2)…


The European Unionhas announced a package of measures intended to step up efforts and pressure on tech giants to combat democracy-denting disinformation ahead of the EU parliament elections next May.

The European Commission Action Plan, which was presented at a press briefing earlier today, has four areas of focus: 1) Improving detection of disinformation; 2) Greater co-ordination across EU Member States, including by sharing alerts about threats; 3) Increased pressure on online platforms, including to increase transparency around political ads and purge fake accounts; and 4) raising awareness and critical thinking among EU citizens.

The Commission says 67% of EU citizens are worried about their personal data being used for political targeting, and 80% want improved transparency around how much political parties spend to run campaigns on social media.

And it warned today that it wants to see rapid action from online platforms to deliver on pledges they’ve already made to fight fake news and election interference.

The EC’s plan follows a voluntary Code of Practice launched two months ago, which signed up tech giants including Facebook, Google and Twitter, along with some ad industry players, to some fairly fuzzy commitments to combat the spread of so-called ‘fake news’.

They also agreed to hike transparency around political advertising. But efforts so far remain piecemeal, with — for example — no EU-wide roll out of Facebook’spolitical ads disclosure system.

Facebook has only launched political ad identification checks plus an archive library of ads in the US, Brazil and the UK so far, leaving the rest of the world to rely on the more limited ‘view ads’ functionality that it has rolled out globally.

The EC said it will be stepping up its monitoring of platforms’ efforts to combat election interference — with the new plan including “continuous” monitoring.

This will take the form of monthly progress reports, starting with a Commission progress report in January and then monthly reports thereafter (against what it slated as “very specific targets”) to ensure signatories are actually purging and disincentivizing bad actors and inauthentic content from their platform, not just saying they’re going to.

As we reported in September the Code of Practice looked to be a pretty dilute first effort. But ongoing progress reports could at least help concentrate minds — coupled with the ongoing threat of EU-wide legislation if platforms fail to effectively self-regulate.

Digital economy and society commissioner Mariya Gabrielsaid the EC would have “measurable and visible results very soon”, warning platforms: “We need greater transparency, greater responsibility both on the content, as well as the political approach.”

Security union commissioner, Julian King, came in even harder on tech firms — warning that the EC wants to see “real progress

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Congress seeks clarification from Yellen on crypto oversight plans, criticizes Howey Test

Share this article URL Copied Members of the US Congress have posed a list of questions in a recent letter to Treasury Secretary Janet Yellen in response to her call for enhanced oversight of crypto. Notably, they highlighted the limitations of the Howey Test in protecting consumers in the crypto market. The letter, signed by

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Members of the US Congress have posed a list of questions in a recent letter to Treasury Secretary Janet Yellen in response to her call for enhanced oversight of crypto. Notably, they highlighted the limitations of the Howey Test in protecting consumers in the crypto market.

The letter, signed by House Financial Services Committee Chair Patrick McHenry, House Agriculture Committee Chair Glenn Thompson, Rep. French Hill, and Rep. Dusty Johnson, seeks Yellen’s detailed explanation of how the regulatory framework should be shaped concerning digital assets, following her call earlier today.

Congress has requested clarification on the Securities and Exchange Commission’s (SEC) role. Notably, they have raised concerns about the effectiveness of the Howey Test, which is used to determine the classification of a transaction as an investment contract and, thus, a security. Congress is questioning whether the Howey Test is sufficient for providing adequate consumer protection.

The legislators have argued that the SEC’s retrospective application of the test does little to protect investors, stating:

“Chair Gensler has declared that “the vast majority of crypto tokens likely meet the investment contract test.” However, the final investment contract analysis is backwards looking, made by a court after the transaction in question has been completed. How does this reactive legal authority provide adequate protection for customers, in the absence of comprehensive legislation?”

Congress has also highlighted that the current regulatory framework does not cover a significant portion of the crypto-asset ecosystem, including Bitcoin and Ether. They have asked the Financial Stability Oversight Council (FSOC) whether these cryptocurrencies are considered securities. Led by Yellen, the FSOC brings together key financial regulators to monitor potential risks and safeguard the financial system.

Furthermore, Congressmen have expressed concern about regulatory gaps in spot markets for digital assets that are not considered securities. They are questioning if the Commodity Futures Trading Commission should expand its jurisdiction to include these spot markets, given its existing authority over certain aspects of non-security digital asset transactions. Congress expects to receive answers from Yellen by February 20.

Yellen has been actively advocating for stricter regulations after FTX’s collapse. In a testimony before the House Financial Services Committee on Tuesday, she warned of the risks associated with crypto platforms and stablecoins, urging Congress to enact stricter regulations for the crypto industry.

Share this article

Share this article

Members of the US Congress have posed a list of questions in a recent letter to Treasury Secretary Janet Yellen in response to her call for enhanced oversight of crypto. Notably, they highlighted the limitations of the Howey Test in protecting consumers in the crypto market.

The letter, signed by House Financial Services Committee Chair Patrick McHenry, House Agriculture Committee Chair Glenn Thompson, Rep. French Hill, and Rep. Dusty Johnson, seeks Yellen’s detailed explanation of how the regulatory framework should be shaped concerning digital assets, following her call earlier today.

Congress has requested clarification on the Securities and Exchange Commission’s (SEC) role. Notably, they have raised concerns about the effectiveness of the Howey Test, which is used to determine the classification of a transaction as an investment contract and, thus, a security. Congress is questioning whether the Howey Test is sufficient for providing adequate consumer protection.

The legislators have argued that the SEC’s retrospective application of the test does little to protect investors, stating:

“Chair Gensler has declared that “the vast majority of crypto tokens likely meet the investment contract test.” However, the final investment contract analysis is backwards looking, made by a court after the transaction in question has been completed. How does this reactive legal authority provide adequate protection for customers, in the absence of comprehensive legislation?”

Congress has also highlighted that the current regulatory framework does not cover a significant portion of the crypto-asset ecosystem, including Bitcoin and Ether. They have asked the Financial Stability Oversight Council (FSOC) whether these cryptocurrencies are considered securities. Led by Yellen, the FSOC brings together key financial regulators to monitor potential risks and safeguard the financial system.

Furthermore, Congressmen have expressed concern about regulatory gaps in spot markets for digital assets that are not considered securities. They are questioning if the Commodity Futures Trading Commission should expand its jurisdiction to include these spot markets, given its existing authority over certain aspects of non-security digital asset transactions. Congress expects to receive answers from Yellen by February 20.

Yellen has been actively advocating for stricter regulations after FTX’s collapse. In a testimony before the House Financial Services Committee on Tuesday, she warned of the risks associated with crypto platforms and stablecoins, urging Congress to enact stricter regulations for the crypto industry.

Share this article

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