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A major antitrust bill to rein in Big Tech is poised to be reintroduced in Congress but insiders fret that key Democrats with cozy ties to Silicon Valley could undermine their own partys agenda.

Rep. Jerry Nadler (D-NY), the top Democrat on the House Judiciary Committee, is leading a push to resurrect the American Innovation and Competition Online Act. The bill would block Big Tech firms from “self-preferencing” their own services — for example Google promoting its shopping tool in search results while demoting rival services.

Reintroduction of AICOA is a priority for Nadler, who is set to sponsor the legislation and wants to get it done by the end of June, a congressional source close to the situation told The Post. The Senate version of the bill was reintroduced last year and co-sponsored by Sen. Amy Klobuchar (D-Minn.) and Sen. Chuck Grassley (R-Iowa).

Reintroduction will happen, its just a matter of getting the members together and dotting some Is and crossing some Ts, said the source, who asked not to be named.

AICOA advanced past committee in 2022 with broad bipartisan support in both the House and the Senate. However, the legislation ultimately stalled without receiving a full floor vote after a furious lobbying effort by tech firms in which Apple CEO Tim Cook and Google CEO Sundar Pichai reportedly placed direct calls to lawmakers.

Some of the bills supporters fear a similar outcome this time around in the current session of Congress, which already has a full slate of legislative priorities on deck, including the Kids Online Safety Act.

Senate lawmakers are in “active negotiations” regarding a potential reintroduction of the AICOA, a Senate source close to the situation said. However, the source said the bill faces an uphill battle in both chambers of Congress, with stubborn opposition from holdout Republicans and Democrats.

Some sources expressed skepticism that Senate Majority Leader Chuck Schumer (D-NY), who controls the agenda for the upper chamber and declined to hold a vote on the bill last session, will back a revived push for AICOA.

Schumer, who has faced scrutiny over his Big Tech ties, was spotted meeting with Googles Pichai at this office last week, NBC News reported.

In 2022, Schumer’s office told antitrust advocates that he would bring AICOA to the floor as long as they could prove they had the 60 votes required for passage, Politico reported at the time.

In a statement to The Post, Klobuchar called securing the bill’s passage a key priority.

Right now were facing a monopoly problem as dominant digital platforms some of the most powerful companies the world has ever known increasingly abuse their power by preferencing their own products and services while harming small businesses and entrepreneurs trying to compete online, said Klobuchar. There is bipartisan agreement that we must enact common sense rules of the road to boost innovation and increase choices for consumers.”

In the House, multiple GOP lawmakers have been approached about stepping in to replace former Rep. Ken Buck (R-Colo.), who cosponsored the bill in the past but left Congress earlier this year, sources said.

Nadler’s press secretary did not return requests for comment.

Another hurdle comes in the form of Rep. Lou Correa (D-Calif.), who became the highest-ranking Democrat on the House Judiciarys antitrust subcommittee last year in what one senior Democratic aide told CNBC was a great windfall for the tech companies.

Correa has irritated Big Tech critics, including members of his own party, by consistently bucking efforts to crack down on the industry, sources familiar with the situation said. The congressmans chief of staff, Rene Munoz, is a former lobbyist for Amazon and Apple.

Correa opposed AICOA and other tech antitrust bills when they came up for consideration in the past, telling Politico at the time that he feared they would essentially push away investment in this area and stifle the economics behind it.

Fight For The Future, a digital rights watchdog group, has been among the most vocal of Correas critics. Last month, the group parked a billboard truck outside a Correa fundraiser in Washington DC urging the congressman to stop standing up for Big Tech.

One corporate-friendly member of Congress shouldnt be able to derail bipartisan antitrust legislation thats overwhelmingly supported by voters from across the political spectrum,” said Fight For The Future director Evan Greer.

Correa’s defenders note that a Republican, Rep. Jim Jordan (R-Ohio), currently chairs the House Judiciary Committee and wields majority influence over its agenda. Any attempt to bring back AICOA would need his go-ahead.

Correa spokesman Adriano Pucci pushed back on criticism of his stance on antitrust issues.

Even when Democrats were in the majority, these yet-to-be introduced bills didnt muster enough support to pass. And weve gotten no indication that theyre at the forefront of House Republicans’ agenda, either, Pucci said in a statement.

Putting Main Street first and making sure business owners have the tools they need to thrive is Ranking Member Correas top prioritynot pleasing outside groups supported by big techs billion-dollar competitors or picking sides in a fight between tech billionaires,” Pucci added.

Critics also pointed to Rep. Zoe Lofgren (D-Calif.), another House antitrust subcommittee member and vocal critic of the Big Tech antitrust crackdown.

In 2021, she declared that Big Tech antitrust bills, including AICOA, would “create more harm than good for American consumers and the US economy.”

Lofgren, whose district includes Silicon Valley, has a daughter who works on Googles legal team, as The Post has reported. The congresswoman has received a whopping $374,000 from Google since 2015, according to disclosures.

When reached for comment, Lofgren said she has “never hesitated to champion consumer-first and privacy-centered tech issues.”

I oppose legislation that is poorly drafted and will not serve my constituents,” Lofgren said. “When it comes to the American Innovation and Competition Online Act, specifically, as it was introduced, it was poorly written and is a defective piece of legislation.”

Lofgren added that it would be “false” to imply that her daughter’s work at Google, where she is not part of the antitrust legal team, has any bearing on her work in Congress.

Nadler is also looking to rally support for other stalled antitrust bills that were part of a highly-publicized bipartisan package backed by Buck and former Rep. David Cicilline (D-RI) last Congress.

That includes the ACCESS Act, which would require Big Tech firms to make it easy for users to transfer their data to other services, as well as a so-called breakup bill that would allow the feds to sue to break up Big Tech monopolies if they pose a conflict of interest.

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Eight arrests in connection with two separate terrorism investigations

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Eight arrests in connection with two separate terrorism investigations

Eight men have been arrested by the Metropolitan Police in two unconnected terrorism investigations.

In one operation on Saturday, counter-terror officers arrested five men, four of whom are Iranian nationals. All are in police custody.

The Met said the arrests related to a “suspected plot to target a specific premises”.

In an update shortly after midnight, the force said: “Officers have been in contact with the affected site to make them aware and provide relevant advice and support, but for operational reasons, we are not able to provide further information at this time.”

It added officers were carrying out searches at a number of addresses in the Greater Manchester, London and Swindon areas in connection with the investigation.

It said those detained were:

• A 29-year-old man arrested in the Swindon area
• A 46-year-old man arrested in west London
• A 29-year-old man arrested in the Stockport area
• A 40-year-old man arrested in the Rochdale area
• A man whose age was not confirmed arrested in the Manchester area.

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Commander Dominic Murphy, head of the Met’s Counter Terrorism Command, said: “This is a fast-moving investigation and we are working closely with those at the affected site to keep them updated.

“The investigation is still in its early stages and we are exploring various lines of enquiry to establish any potential motivation as well as to identify whether there may be any further risk to the public linked to this matter.

“We understand the public may be concerned and as always, I would ask them to remain vigilant and if they see or hear anything that concerns them, then to contact us.

“We are working closely with local officers in the areas where we have made arrests today and I’d like to thank police colleagues around the country for their ongoing support.”

Terror arrests in separate investigation

Police also arrested three further Iranian nationals in London on Saturday as part of another, unrelated counter terror investigation.

The suspects were detained under section 27 of the National Security Act 2023, which allows police to arrest those suspected of being “involved in foreign power threat activity”.

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Home secretary Yvette Cooper said in a statement: “I want to thank the police and our security services for the action they have taken to keep our country safe.

“Protecting national security is the first duty of government and our police and security services have our strong support in their vital work.”

She added: “These are serious events that demonstrate the ongoing requirement to adapt our response to national security threats.”

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Pro-crypto Democrats pull support for stablecoin bill in last minute

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Pro-crypto Democrats pull support for stablecoin bill in last minute

Pro-crypto Democrats pull support for stablecoin bill in last minute

A group of US Senate Democrats known for supporting the crypto industry have said they would oppose a Republican-led stablecoin bill if it moves forward in its current form.

The move threatens to stall legislation that could establish the first US regulatory framework for stablecoins, according to a May 3 report from Politico.

Per the report, nine Senate Democrats said in a joint statement that the bill “still has numerous issues that must be addressed.” They warned they would not support a procedural vote to advance the legislation unless changes are made.

Among the signatories were Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester and Andy Kim — all of whom had previously backed the bill when it passed through the Senate Banking Committee in March.

The bill, introduced by Senator Bill Hagerty, is formally known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

Related: Fed’s Powell reasserts support for stablecoin legislation

Senate prepares to vote on stablecoin bill

The Senate is expected to begin floor consideration of the bill in the coming days, with the first vote potentially taking place next week.

The bill has been championed by the crypto industry as a landmark step toward regulatory clarity. However, the Democrats’ about-face reflects growing unease within the party.

Although revisions were made to the bill after its committee approval to address Democratic concerns, the lawmakers said the changes fell short. They called for stronger safeguards related to Anti-Money Laundering, national security, foreign issuers, and accountability measures for noncompliant actors.

The statement was also signed by Senators Raphael Warnock, Catherine Cortez Masto, Ben Ray Luján, John Hickenlooper and Adam Schiff.

Pro-crypto Democrats pull support for stablecoin bill in last minute
A copy of the statement. Source: Alex Thorn

Senator Kirsten Gillibrand and Senator Angela Alsobrooks were absent from the list, who co-sponsored the bill alongside Hagerty.

Despite their objections, the Democratic senators emphasized their commitment to shaping responsible crypto regulation. They reportedly said they “are eager to continue working with our colleagues to address these issues.”

Related: US banks are ‘free to begin supporting Bitcoin’

Crypto needs a stablecoin bill

On April 27, Caitlin Long, founder and CEO of Custodia Bank, criticized the US Federal Reserve for quietly maintaining a key anti-crypto policy that favors big-bank-issued stablecoins, despite relaxing crypto partnership rules for banks.

Long explained that while the Fed recently rescinded four prior crypto guidelines, a Jan. 27, 2023, statement was left intact in coordination with the Biden administration.

The guidance, according to Long, blocks banks from engaging directly with crypto assets and prohibits them from issuing stablecoins on permissionless blockchains.

However, Long noted that once a federal stablecoin bill becomes law, it could override the Fed’s stance. “Congress should hurry up,” she urged.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

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UK

Pictured: Boy killed in Gateshead industrial estate fire – 14 children arrested on suspicion of manslaughter

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Pictured: Boy killed in Gateshead industrial estate fire - 14 children arrested on suspicion of manslaughter

Tributes have been paid to 14-year-old Layton Carr who died in a fire at an industrial estate.

Eleven boys and three girls, aged between 11 and 14 years, have been arrested on suspicion of manslaughter after the incident in Gateshead on Friday. They remain in police custody.

Drone view showing the aftermath of a fire at Fairfield industrial park at Bill Quay, Gateshead
Image:
Police were alerted to a fire at Fairfield industrial park in the Bill Quay area

Firefighters raced to Fairfield industrial park in the Bill Quay area shortly after 8pm, putting out the blaze a short time later.

Police then issued an appeal for a missing boy, Layton Carr, who was believed to be in the area at the time.

In a statement, the force said that “sadly, following searches, a body believed to be that of 14-year-old Layton Carr was located deceased inside the building”.

Layton’s next of kin have been informed and are being supported by specialist officers, police added.

Pic: North News and Pictures
Image:
Layton has been described as a ‘beautiful soul’

A fundraising page on GoFundMe has been set up to help Layton’s mother pay for funeral costs.

Organiser Stephanie Simpson said: “The last thing Georgia needs to stress trying to pay for a funeral for her Boy Any donations will help thank you.”

One tribute in a Facebook post read: “Can’t believe I’m writing this my nephew RIP Layton 💔 forever 14 you’ll be a massive miss, thinking of my sister and 2 beautiful nieces right now.”

Another added: “My boy ❤️ my baby cousin, my Layton. Nothing will ever come close to the pain I feel right now. Forever 14. I’ll miss you sausage.”

A third said: “Rest in peace big lad such a beautiful soul taken far to soon my thoughts are with you Gee stay strong girl hear for u always.”

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Detective Chief Inspector Louise Jenkins, of Northumbria Police, also said: “This is an extremely tragic incident where a boy has sadly lost his life.”

She added that the force’s “thoughts are with Layton’s family as they begin to attempt to process the loss of their loved one”.

They are working to establish “the full circumstances surrounding the incident” and officers will be in the area to “offer reassurance to the public”, she added.

A cordon remains in place at the site while police carry out enquiries.

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