Apple desires ‘speculative’ client lawsuit over crypto tech dismissed – ET Telecom

Apple desires ‘speculative’ client lawsuit over crypto tech dismissed – ET Telecom

By Mike ScarcellaApple has requested a U.S. choose to dismiss a client lawsuit accusing the iPhone maker of unlawfully barring apps that facilitate cryptocurrency transactions and driving up charges at platforms comparable to Venmo and Money App.

The Cupertino, California-based tech firm mentioned in a submitting on Friday in California federal courtroom that the 4 Venmo and Money App customers who filed the antitrust lawsuit had not cited any illegal app guidelines or enterprise agreements. The lawsuit, filed in November, mentioned Apple’s restrictions on cryptocurrency know-how have harmed competitors for peer-to-peer funds and pushed up charges for money and bank card transactions at PayPal’s Venmo and Block’s Money App. Apple is the only defendant within the lawsuit. Apple’s submitting mentioned the lawsuit was based mostly on a “extremely speculative speculation” that it had prompted shoppers to pay inflated charges. It mentioned the grievance failed to indicate how cryptocurrency transactions “are cheap substitutes for immediate money and bank card transactions supplied by Venmo and Money App.”

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A spokesperson for Apple and attorneys for the plaintiffs didn’t instantly reply to requests for touch upon Monday.

Peer-to-peer fee apps let a person ship cash by way of a cellular system on to the account of one other person.

The plaintiffs declare Apple, Venmo and Money App “have repeatedly raised costs for transactions and companies with no aggressive verify.” The lawsuit mentioned Apple has excluded not less than two Bitcoin pockets apps. Apple defended its app guideline for builders that includes crypto know-how, arguing that it imposes licensing standards however doesn’t outright prohibit apps that facilitate cryptocurrency transactions.

The case is amongst a number of different actions accusing Apple of antitrust violations.

A federal choose in September mentioned fee card issuers can sue Apple over alleged anticompetitive practices involving its Apple Pay cellular pockets.

The case is Lamartine Pierre et al v. Apple Inc, U.S. District Courtroom, Northern District of California, No. Case 5:23-cv-05981.

  • Printed On Feb 6, 2024 at 08:07 AM IST

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