Facebook wants to slow down the control of the metaverse

Bloomberg – Meta Platforms (META), the firm that owns Facebook, is urging policymakers in Washington to delay the creation of antitrust legal guidelines.

In a doc launched this Friday (2), Meta argues that many legal guidelines and laws that exist already in the world can even apply to the occasions of the metaverse – an umbrella time period that refers to a deep world that has by no means existed. how customers will someday find a way to work, play, store, and socialize.

Edward Bowles, head of fintech coverage at Meta, informed reporters that, in the firm’s evaluation, regulators may “stifle innovation” in the event that they create a brand new regulatory framework.

It is widespread for big corporations, particularly the titans of Silicon Valley, to block politicians from making new legal guidelines. But lately, lawmakers have develop into extra interested by regulating large tech corporations — together with their companies in digital actuality.

The doc is an try by Meta to create future guidelines that have an effect on the metaverse, the expertise that’s at the heart of the firm’s work that was referred to as “Meta” as a substitute of Facebook.

Governments round the world are nonetheless experimenting with the expertise, which has been closely invested in, however remains to be years away from being carried out.

The European Union’s (EU) chief digital officer Margrethe Vestager earlier this yr urged regulators to have a look at what is going on on to deal with these points earlier than it is too late. And a report by French regulators in October referred to as for increasing the EU’s privateness and web communications guidelines to crack down.

But in the United States, policymakers are simply beginning to take into consideration regulating the digital world the place individuals should purchase and promote items and contracts, go to concert events, maintain enterprise conferences, and extra.

The announcement of the Meta plan comes as regulators and lawmakers grapple with the challenges in one other rising expertise that has shaken the economic system: cryptocurrencies.

Regulators round the world are scrambling to work out how to correctly monitor digital currencies, an issue that grew to become obvious in a short time due to the dramatic collapse of Sam Bankman-Fried’s FTX trade, which is affecting different gamers in the crypto market.

Bowles stated that paper it was deliberate prematurely, so earlier than FTX crashed. “But I’d encourage individuals to suppose significantly about how to act in actual conditions and never simply take one method,” he stated.

The Goal doc calls on the authorities and the non-public sector to work collectively on the new laws coming in the future – and to take part as the business develops its requirements.

“Management should foster a forward-looking, collaborative relationship with business gamers,” the doc stated. “We encourage governments to think about methods to help and implement these insurance policies in open boards the place stakeholders meet to collaborate.”

See extra at Bloomberg.com

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