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Perianne Boring, CEO and founder of the Chamber of Digital Commerce (CDC), has announced that the association has taken legal action against the Environmental Impact Assessment (EIA). This comes after an EIA survey was rolled out to acquire sensitive Bitcoin mining data and crackdown on these mining operations.
Chamber Of Digital Commerce Files For A Restraining Order
The Chamber of Digital Commerce recently filed a legal suit to obtain a temporary restraining order against the EIA and injunction to halt their survey process. Furthermore, Boring highlighted “abuse of power” by the EIA, which poses a threat to the Bitcoin mining industry. Currently, the Chamber is awaiting the court’s decision on the restraining order to safeguard the industry’s interests.
In addition, the Texas Blockchain Council (TBC) alongside Riot Platforms has initiated legal action seeking declaratory and injunctive relief against the U.S. Department of Energy (DOE), its EIA, and the U.S. Office of Management and Budget (OMB). This lawsuit was lodged in the U.S. District Court for the Western District of Texas on February 22nd. It alleged that the EIA’s abrupt data collection efforts on Bitcoin mining, involving numerous TBC members including Riot Platforms, are unlawful.
In addition, the plaintiffs contended that both the EIA and OMB have breached the Paperwork Reduction Act and its accompanying regulations. Moreover, it accused the government agencies of arbitrary and capricious conduct reminiscent of the SEC’s actions in contravening the Administrative Procedure Act.
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Measures Sought By TBC After Sensitive Bitcoin Data Collection
The crux of the plaintiffs’ argument lies in the assertion that the EIA’s rushed data collection procedures for BTC mining, coupled with what they perceive as contrived urgency, constitute a violation of due process and an unwarranted intrusion into private sector data. As articulated in their legal filing, the essence of the matter revolves around what they characterize as a flawed government process, driven by artificial time constraints, and characterized by overreaching data collection practices.
In response to these grievances, Mines and TBC are seeking interim measures in the form of a temporary restraining order and preliminary injunction. These measures aim to halt the DOE and EIA from further data collection activities targeting specific commercial Bitcoin miners. Furthermore, they seek to nullify the OMB’s authorization for such data collection and to prevent the defendants from engaging in any further data collection endeavors without proper notice and opportunity for public comment.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Microsoft wants to acquire the video game holding company valued at approximately $70 billion but the FTC is against the move for an anti-competition stance.
The Federal Trade Commission (FTC) filed for a temporary restraining order – in the United States District Court of Northern District of California, San Francisco Division – to seek a preliminary injunction for the acquisition of Activision Blizzard Inc (NASDAQ: ATVI) by tech giant Microsoft Corporation (NASDAQ: MSFT) for a whopping $70 billion. According to court documents filed on Monday, June 12, the FTC has been investigating the acquisition of the video game company on anti-competition matters. Moreover, the purchase of Activision Blizzard by Microsoft would make it the largest acquisition in the history of the video gaming industry.
FTC Doesn’t Approve the Move by Microsoft
Notably, the FTC initiated an administrative proceeding on December 8, 2022, to determine whether the proposed acquisition violates any of the anti-competition acts.
Similarly, the UK and Europe’s anti-competition agencies had issued similar warnings on the acquisition of the video gaming company by Microsoft. Moreover, Activision Blizzard publishes gaming products that are used by several consoles, PCs, and on mobile in a similar way that Microsoft does with the Xbox among other gaming products.
“On April 26, 2023, the United Kingdom Competition and Markets Authority (UK CMA ) issued a report finding that the Proposed Acquisition may be expected to result in a substantial lessening of competition in cloud gaming services in the United Kingdom,” the court filings noted.
According to Microsoft President Brad Smith, the move by the FTC and UK CMA is welcomed in order to accelerate the processes of finding Justice.
“We believe accelerating the legal process in the US will ultimately bring more choice and competition to the market,” Smith noted.
Microsoft and Activision Blizzard Market Outlook
Following the announcement, Microsoft shares closed Monday trading at $331.85, up 1.5 percent from the day’s opening price. The MSFT shares continued with the bullish outlook in the after-hours with about a 0.65 percent gain. The ATVI shares, on the other hand, traded sideways on Monday after closing the day trading at around $79.77 and hovered at the same level in the after-hours. YTD, Microsoft shares have gained 38 percent while ATVI has added approximately 4.21 percent.
The Biden administration has significantly ramped up its effort on the enforcement of antitrust laws. Back in 2021, Biden signed a punitive executive order encouraging government agencies to enforce antitrust laws. As a result, Microsoft may be compelled to continue with its video gaming projects without Activision Blizzard.
The growth of Web3-focused games has significantly pushed traditional gaming companies to move in a similar direction. Meanwhile, it is the cloud computing technology that is set to make a difference in the growth of the video gaming industry in the coming years.
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