The Facebook Diem Project: Can Big Tech Create Its Own Currencies?
Jo-an Chen Cryptocurrencies are rising in popularity as both a means for investment and a medium for exchange for goods and services. In 2019, Facebook announced its intent to create a new stablecoin cryptocurrency called Libra as a means to promote financial inclusion and access to the unbanked population. After its initial failed launch in 2019 due to heavy regulatory criticism over data privacy, money laundering, and financial instability concerns, Facebook is once again seeking to relaunch the Diem Project in 2021. This Essay discusses the potential social benefits, the disruption to financial institutions, and the regulatory challenges that the...
Applying Antitrust in Digital Markets: Foundations and Approaches
Mark Jamison This paper analyzes the conflicts that arise when trying to apply traditional antitrust principles in the context of digital markets. Antitrust has both political and economic foundations. The political approach emphasizes populist themes that ultimately harm economic development, whereas economic approaches focus on characterizations of and remedies for market power. Digitization of markets thwarts current antitrust tools by adding complexity and rapid change. Several authors suggest populist approaches for antitrust in digital markets, but these lack rigor and fail to address central challenges. This Article suggests that antitrust should return to its earliest roots and directly address features...
Don’t Sue Meme, It’s a Parody
Lea Silverman Memes have become one of the most prolific posts on social media websites. Memes exploit familiar templates of existing images overlaid with text, typically to make a point or a joke. There have been very few court cases and almost no rulings on the issue of memes and copyright infringement. By applying a fair use analysis and the Supreme Court’s 1994 decision in Campbell v. Rose-Acuff Music, Inc., this Essay argues that meme creators can successfully assert the parody defense to copyright infringement. Read Full Text Here
Deep Fakes Accountability Act: Overbroad and Ineffective
Zachary Schapiro Improvements in technology have made it easy to create deep fakes: realistic false digital records depicting a person performing actions that did not occur. Although there are legitimate uses for deep fakes, like parodies or finishing a movie where a principal performer has died, they can inflict harm upon the individual depicted or the general public if, for example, used to influence the outcome of an election. Considering these detrimental uses, Congress has proposed the Defending Each and Every Person from False Appearances by Keeping Exploitation Subject to Accountability Act of 2019 (DEEP FAKES Act) to impose civil...
Keeping Private Messages Private: End-to-End Encryption on Social Media
Steven Song Following recent data scandals, online users have become concerned that their private information on the Internet is susceptible to misappropriation. These concerns motivated data privacy regulations such as the General Data Protection Regulation and the California Consumer Privacy Act to ensure better protection against unauthorized access to personal data. Relatedly, Facebook has announced a plan to implement end- to-end encryption (E2EE) for all of its social media messaging systems. E2EE strictly limits access to private messages to the communicating parties. Even the company managing the messaging system cannot access these encrypted conversations. The implementation of E2EE, however, comes...
The Case for the Use of Facial Recognition Technology
Ye-Eun Sung Consumers often unknowingly enter brick-and-mortar stores that utilize facial recognition technology. Many are, therefore, at risk of their biometric data being wrongfully used without their consent or knowledge. The delay in the courts’ and the federal government’s response to facial recognition technology has allowed its development and use to remain unregulated. Although regulation of this technology is essential, its use should not be banned outright. Due to the changing retail landscape, facial recognition technology provides brick-and-mortar stores with information that allows them to remain relevant in a market that relies significantly on the internet and e-commerce. Read Full...