News about regulation

Apple is reportedly preparing for a legal dispute with the UK Competition and Markets Authority (CMA), which plans to publish consultation proposals next week on Apple's position in contactless payments. According to the Financial Times, the CMA plans to argue that Apple holds unfair control over the UK 'tap-to-pay' market and will call for iOS changes that let iPhone users choose an alternative payment service as default instead of Apple Pay. The proposals follow Apple's 'strategic market status' designation under new digital competition rules, which carries penalties of up to 10% of global turnover, and complaints from lenders and fintechs about the 0.15% fee on credit card transactions made through Apple Pay. Apple restricts third-party access to the iPhone's NFC chip, citing user privacy and fraud prevention, and two people briefed on the matter said the company is likely to appeal.

Nine issuers, including Broadcom, Verizon and UnitedHealth, have objected to having their shares traded on OKXICE's planned tokenized-stock platform, according to an October 15 notice. The venue would offer around-the-clock trading under the SEC's temporary Innovation Exemption, with tokens backed one-for-one by underlying shares. Nasdaq has said it will opt out of the framework because the venue does not display best prices in real time or report to the consolidated tape. TD Securities analysts found that reliance on temporary exemptive relief rather than permanent rules has made issuers and institutions reluctant to invest in the trading infrastructure.

The U.S. Mint stopped producing pennies for circulation in November 2025, and new federal legislation sets a framework for rounding cash payments to the nearest five-cent increment when exact change isn't available. Under the rules, totals ending in one, two, six or seven cents generally round down, while those ending in three, four, eight or nine cents round up, so a $12.42 purchase could become $12.40. The framework excludes credit cards, debit cards, checks, gift cards and other noncash payments, which can still be charged the exact amount. Sales taxes should still be calculated on the actual taxable purchase, and rounding is permitted rather than required, so practices may vary by retailer. Existing pennies remain legal tender.

Last December, President Trump signed Executive Order 14370 to speed up the rescheduling of marijuana to Schedule III, lifting Canopy Growth shares from $1.15 to nearly $2 before they gave back those gains. On Sept. 29, DEA Chief Administrative Judge Derek C. Julius stayed the rescheduling process pending a briefing on a GAO report, and after the DEA's Oct. 9 response he granted another stay so opposing parties could reply. The article argues that Canopy's larger challenges are the Canadian recreational market, persistent operating losses, and the risk of further dilution through its $200 million at-the-market equity program, which calls its $300 million valuation into question.

Patrick Witt, executive director of the President's Council of Advisors for Digital Assets at the White House, announced last week that he is leaving government to return to the private sector. The White House currently has no publicly named crypto head, and no successor has been named, following the earlier departures of Harry Jung and Bo Hines. While Washington focuses on next month's midterm elections, the executive branch continues rulemaking on digital assets, and a White House official said crypto and the Digital Asset Market Clarity Act remain a focus for Trump. Any crypto legislation after a new Congress takes office will likely still need a White House liaison.

Latvia could allow residents to pay personal taxes in cryptocurrency as early as next year, according to Didzis Dejus, an adviser to the prime minister, with the Finance Ministry having agreed to the plan while technical work with a payment provider remains. On October 15, parliament passed a law taxing withdrawals from crypto investment accounts that exceed deposits rather than individual trades, along with a one-time declaration process. Holders can settle past obligations by paying 10% of their declared assets' market value at the end of 2026, with declarations filed from April 1 to May 31, 2027 and tax due by July 23. Dejus said this would help people who bought crypto years ago but lack records of what they paid. Timing may depend on the next government, as Prime Minister Andris Kulbergs' United List won the October 3 election but still needs coalition partners.

On October 15, Tesla VP of Vehicle Engineering Lars Moravy declared “flying cars are real” at a SpaceX facility in McGregor, Texas, where the second-generation Roadster was demonstrated climbing an inverted track, flipping through the air and landing softly before driving off. The car uses an underbody suction fan and compressed-air cold-gas thrusters to reach 0–60 mph in under one second. The Rocket version sits in a legal gray area, as its high-pressure gas tanks, aerospace-grade valves and protruding nozzles may conflict with NHTSA's federal motor vehicle safety standards, such as the requirement for crumple zones. Tesla's product page says the vehicle is “not approved for public road use,” and Musk said he is not sure it is legal in every jurisdiction; an NHTSA spokesperson said the manufacturer must ensure it does not defy federal standards and drivers must obey local traffic laws.

A Reuters/Ipsos poll of 4,506 U.S. adults found most Americans oppose betting on election results through prediction markets, with 69% of Democrats and 61% of Republicans opposed. Even betting on professional sports drew opposition from 43% of respondents, versus 29% who supported it. The industry, led by Polymarket and Kalshi, is embroiled in lawsuits between states and federal agencies over who regulates these markets, as the Trump administration pursues federal rules through the CFTC while states push back. Many expect the dispute to reach the Supreme Court, and 39 states plus the District of Columbia have filed an amicus brief calling the clash a “national turf war.”

India’s food regulator FSSAI has issued notices to Nestlé India and Hindustan Unilever (HUL) over misleading claims on some product packaging. For Nestlé’s Resource Renal Vanilla Flavour Powder, FSSAI said the company neither obtained prior approval nor stated whether the product was vegetarian, and claims such as “Nutrition for Strong Bones” were found misleading or non-compliant. For HUL, the regulator flagged “happy birth weight” on Horlicks Mother’s Plus Kesar 400 g, along with “improves bone health,” “healthy muscles” and “no added sugar” on Horlicks Women’s Plus products. HUL said its two products comply with all applicable requirements and that it will share “scientific and regulatory evidence” with the authorities, while Nestlé did not immediately respond. The regulator had also initiated legal action against Nestlé India in September over infant nutrition marketing rules.

Chris Thomas, a Pittsburgh business owner, wears Meta glasses, a Fieldy pendant and an Amazon Bee wristband to record and organize his daily life. A bystander at a bar objected because he could not be sure the devices were off, so Thomas now takes them off completely. More always-listening AI devices are emerging, including Amazon's Bee Frontier and Bee Eclipse and Apple's Siri Recap on Apple Watch Series 12, raising concerns about covert recording without bystanders' consent. Unlike earlier smart speakers, some of these products interpret speech without retaining the underlying audio, leaving unresolved whether this could count as unlawful interception. Attorney Colin Zick says broadly worded state laws such as Massachusetts' could apply, and in some states the wearer may face greater legal risk than the manufacturer.