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Apple Reworks iPhone Tracking Prompts in Europe After Antitrust Pressure

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Apple is changing the way iPhone and iPad users in Europe are asked to approve app tracking, bringing an important competition investigation by Germany’s Federal Cartel Office to an end.

The changes follow years of criticism from regulators and the advertising industry over Apple’s App Tracking Transparency (ATT) framework, which was introduced as a major privacy measure but became the subject of an increasingly contentious debate about competition and self-preferencing.

Apple introduced ATT with iOS 14.5, requiring applications to obtain explicit permission before tracking users across other apps and websites.

The system fundamentally changed mobile advertising by making cross-app tracking an opt-in decision.

Privacy advocates welcomed the move, while advertising companies argued that it weakened an important mechanism for measuring campaigns, targeting audiences and generating advertising revenue.

The German investigation focused on whether Apple was applying its privacy rules equally to itself and competing developers. The Federal Cartel Office concluded that Apple’s own advertising-related consent prompt could provide a more favorable experience than the prompt imposed on third-party applications.

Regulators were particularly concerned that differences in language, symbols, layout and the presentation of choices could influence users toward rejecting tracking by third-party apps while making consent for Apple’s own services comparatively easier.

Under the settlement, Apple will redesign the ATT prompt used by third-party applications. The revised interface is expected to use more neutral language and presentation, removing elements regulators considered discouraging.

The changes also bring the third-party consent experience closer to the interface used for Apple’s own offerings. Developers will receive additional space to explain why personalized advertising and data use may be important to their services.

Another significant change is the possibility for developers to ask users again for permission after a year. This could give advertising-supported applications another opportunity to obtain consent from users who previously declined, potentially improving the ability of publishers and developers to build sustainable advertising businesses.

The new framework is expected to apply across most European Union countries, although Poland will follow a different implementation timetable.

For Apple, the agreement represents a compromise between maintaining its privacy-focused philosophy and responding to competition authorities.

Apple has consistently argued that users should have greater control over how their personal information is collected and used. Yet regulators have increasingly emphasized that privacy protections cannot become a mechanism through which a dominant platform disadvantages competing businesses.

The case therefore highlights a broader challenge facing major technology companies. Privacy, competition and platform governance are becoming increasingly interconnected.

A policy can be legitimate from a consumer-protection perspective while still raising competition concerns if a platform applies different standards to its own services and third-party rivals.

The Federal Cartel Office’s decision demonstrates that European regulators are willing to examine the design of digital interfaces themselves, rather than focusing exclusively on pricing or contractual restrictions.

The wording and visual presentation of a consent screen can influence consumer behavior, making interface design a potentially important competition issue. Apple now has four months to implement the required changes.

While the commitments will remain subject to monitoring for seven years. The outcome could ultimately influence how other technology platforms design privacy controls across Europe.

For consumers, the immediate result may be relatively subtle: different wording, buttons and explanations when granting tracking permissions. For developers and advertisers, however, the changes could have broader consequences.

Apple’s revised approach may restore some balance between privacy protections and access to advertising data, while establishing a new regulatory principle: dominant platforms must protect user privacy without designing those protections in ways that systematically favor their own businesses.

Strategy Ends Bitcoin Sales Streak as Nasdaq Moves Toward Overnight Stock Trading

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Two important developments are reshaping the relationship between traditional financial markets and digital assets: Strategy is ending a period of Bitcoin selling, while Nasdaq prepares to introduce overnight trading for U.S. equities.

The moves highlight how financial markets are becoming increasingly continuous, globally accessible and closely connected to the evolving digital-asset economy. Strategy, the corporate Bitcoin holder formerly known as MicroStrategy, has attracted intense attention because of its aggressive approach to Bitcoin accumulation.

The company has also demonstrated that its strategy can change when capital requirements demand it. Recent Bitcoin sales were used to fund distributions on preferred stock and replenish dollar reserves, illustrating the growing importance of liquidity management alongside its long-term Bitcoin thesis.

A July filing showed that Strategy sold 1,363 BTC for approximately $80.8 million and another 2,225 BTC for about $135.2 million during the following period. The decision to halt the sales streak therefore carries significance beyond the immediate transaction.

Investors closely monitor Strategy because its balance sheet represents one of the largest corporate exposures to Bitcoin. When the company sells, markets can interpret the move as a signal of financial pressure or changing risk management. When it resumes accumulation or stops selling, the message can be considerably more constructive for Bitcoin sentiment.

Strategy’s behavior also demonstrates the tension between maintaining a large Bitcoin treasury and meeting obligations associated with preferred securities. The company must balance its conviction in Bitcoin’s long-term appreciation against the practical requirements of servicing its capital structure.

This makes every purchase or sale an important indicator of corporate treasury strategy. Nasdaq is preparing for a major transformation in traditional equity-market infrastructure. The exchange plans to introduce a new overnight session from 9 p.m. to 4 a.m. Eastern Time, creating a 23-hour trading day, five days a week.

Nasdaq currently expects the expanded schedule to begin on December 6, 2026, subject to the readiness of market infrastructure and applicable regulatory requirements.

The proposed structure would preserve the existing daytime market while adding a dedicated night session. Investors would therefore have substantially greater access to U.S. equities outside conventional market hours.

Nasdaq argues that the change responds to rising global demand from investors who want to trade U.S. securities according to their own time zones. This development is particularly relevant to crypto markets, which already operate around the clock.

Bitcoin and other digital assets have accustomed investors to continuous price discovery, allowing markets to react immediately to geopolitical developments, economic announcements and corporate news. Traditional equity exchanges are now moving toward a similar model, although with scheduled pauses and additional safeguards.

The transition could increase competition between traditional financial markets and digital assets. Investors may no longer need to wait until the next morning to respond to major overnight events affecting U.S. companies. Extended hours also introduce challenges involving liquidity, volatility, spreads, market surveillance and price discovery.

Strategy’s Bitcoin decisions and Nasdaq’s overnight-trading plans reflect the same broader transformation: financial markets are becoming more continuous and globally interconnected. Strategy is adapting its Bitcoin treasury to capital demands.

While Nasdaq is adapting its infrastructure to investors’ demand for near-continuous access. As these trends develop, the boundary between traditional finance and the always-on digital-asset economy is likely to become increasingly difficult to define.

China Orders Companies Not to Cooperate with EU Investigation Into JD.com’s $2.5bn Ceconomy Deal

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China has escalated a growing regulatory dispute with the European Union by ordering companies and individuals not to cooperate with a Brussels investigation into JD.com’s proposed $2.5 billion acquisition of German electronics retailer Ceconomy, accusing the EU of exercising “improper extraterritorial jurisdiction.”

The directive, issued by China’s Ministry of Justice on Wednesday, marks the second time Beijing has used regulations introduced in April to counter what it considers unlawful foreign jurisdiction. The move raises the prospect of a broader confrontation between Beijing and Brussels over how far European regulators can reach into the operations and financing of Chinese companies.

China said the EU investigation had sought “extensive and unnecessary” information from within China and described the requests as a “serious violation of the international rule of law.”

“If the EU persists in its unilateral actions, China will resolutely retaliate in accordance with the law,” the ministry said.

The dispute centers on JD.com’s proposed takeover of Ceconomy, the German retail group behind MediaMarkt and Saturn. The transaction would give JD.com a major physical retail footprint across Europe and represent one of the most significant attempts by a Chinese e-commerce company to expand its consumer business into the European market.

The European Commission opened an in-depth investigation in May under its Foreign Subsidies Regulation, or FSR, after raising preliminary concerns that JD.com may have benefited from foreign subsidies capable of distorting competition in the EU internal market. The Commission identified potential preferential financing, tax incentives and grants provided by entities possibly attributable to the Chinese government.

JD.com has rejected the subsidy concerns. The company said the Ceconomy acquisition would not be financed by subsidies from China or any other non-EU government, but through external private bank debt and cash generated through its ordinary business operations.

The EU investigation has nevertheless advanced. In July, the Commission formally notified JD.com of its objections, a significant step that indicates the regulator has moved beyond an initial information-gathering exercise and is actively assessing whether the proposed transaction could distort competition.

The latest intervention from Beijing could now make that process substantially more difficult.

The Foreign Subsidies Regulation gives Brussels powers to examine financial contributions from non-EU governments when they may have given companies an unfair advantage in the European market. The rules are intended to address a gap in traditional competition policy, which generally focuses on the behavior of companies within the EU rather than the influence of state support received outside the bloc.

That is why the JD.com case matters. Brussels is attempting to establish whether state-backed advantages enjoyed by a foreign company before it enters the European market could affect competition after an acquisition. Beijing, by contrast, is challenging the EU’s ability to demand information from Chinese entities located outside the bloc.

The clash therefore extends beyond a single takeover. It tests the practical reach of one of the EU’s newest economic-security tools at a time when European authorities are increasingly examining Chinese companies over subsidies, market access and competitive practices.

A Bigger China-EU Regulatory Confrontation

The JD.com dispute comes as Brussels has intensified scrutiny of Chinese companies operating or expanding in Europe.

China issued a similar order in May concerning an EU investigation into Nuctech, a Chinese security equipment company. The repeated use of Beijing’s extraterritorial-jurisdiction rules indicates that the government is developing a formal mechanism to resist foreign regulatory demands rather than treating individual investigations as isolated disputes.

The confrontation also follows increased European scrutiny of Chinese e-commerce platforms. In July, the European Commission accused Temu of failing to cooperate with an investigation under the same Foreign Subsidies Regulation.

For Brussels, the underlying concern is about whether Chinese companies competing in Europe benefit from forms of state support that European companies cannot access on equivalent terms. But aggressive use of such rules risks becoming another barrier to Chinese companies seeking overseas growth.

That tension could become a major concern for JD.com as it expands beyond its domestic market. The Ceconomy acquisition would provide access to more than 1,000 stores across Europe through the MediaMarkt and Saturn networks, giving JD.com a substantial physical distribution platform alongside its e-commerce capabilities.

The proposed transaction therefore has an industrial dimension as well as a competition dimension. It would give one of China’s largest technology and retail groups greater access to European consumers, logistics networks and established retail infrastructure.

Beijing’s Warning Raises Uncertainty Over The Deal

The immediate question is whether Chinese restrictions on cooperation will impede the Commission’s ability to complete its investigation.

The European regulator can impose remedies or potentially block a transaction if it determines that foreign subsidies have distorted the internal market and that the problem cannot be adequately addressed through commitments. The investigation is therefore capable of affecting both the timing and final structure of the Ceconomy transaction.

The German authorities have already approved the deal, but the EU-level review remains a separate and potentially decisive hurdle.

Beijing’s warning also introduces a new legal risk for companies caught between two regulatory systems. Chinese entities could face pressure from Beijing not to provide information demanded by European authorities, while failure to cooperate with Brussels could expose them to consequences under EU rules. That creates the possibility of a regulatory standoff in which compliance with one jurisdiction could conflict with compliance with the other.

More broadly, the case shows that trade and investment disputes between China and Europe are increasingly shifting from tariffs and market-access restrictions toward questions of subsidies, corporate ownership, data and regulatory jurisdiction.

The JD.com investigation has inadvertently become an opportunity for the EU to establish whether the Foreign Subsidies Regulation can effectively scrutinize state support behind major foreign acquisitions. For Beijing, the case is a test of whether its new countermeasures can prevent European regulators from extending their investigations deep into China’s domestic financial and corporate systems.

Trump Vows to Keep U.S. as ‘Undisputed Leader’ in Bitcoin, Crypto And AI

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U.S. President Donald Trump has reaffirmed his administration’s ambition to position the United States at the forefront of the rapidly evolving digital economy, declaring that the country must remain the “undisputed leader” in Bitcoin, cryptocurrency, artificial intelligence and related technologies.

Trump made this statement while speaking with a group of cryptocurrency executives at the White House on August 19, 2026.

Speaking during a meeting that also marked the kickoff of a Commodity Futures Trading Commission Innovation Advisory Committee, Trump emphasized the need for a clear regulatory framework so that innovators and companies can operate confidently on American soil rather than moving overseas.

“They don’t have to go to other countries to do their business,” he said. “We’re ensuring that America remains the undisputed leader not only in Bitcoin and crypto, but also technologies like prediction markets, artificial intelligence, and much more.”

The gathering brought together prominent industry figures, including executives from Coinbase, Ripple, Robinhood, and other major firms.

Trump used the occasion to highlight his administration’s earlier actions, including the establishment of a Strategic Bitcoin Reserve, the creation of a digital assets stockpile, and the signing of the Genius Act, which provided a legal framework for stablecoins.

He indicated that the United States is considering the idea of acquiring “sizable” amounts of Bitcoin and other cryptocurrencies, describing the concept as something that “has been talked about” within the administration.

Trump linked the potential accumulation to the strength of the dollar. “It’s been talked about. It’s taken a lot of pressure off the dollar. It’s been very, very good for the dollar, and I think if you came in with recommendations, I would certainly listen,” he said when asked whether the administration had plans to build larger holdings.

However, Trump did not announce any immediate buying plan, timeline or funding mechanism. He indicated he would rely on recommendations from advisors, including SEC Chair Paul Atkins and other officials.

While the statements stop short of a formal policy commitment, they reinforce his administration’s pro-crypto stance and keep open the possibility of treating Bitcoin as a longer-term strategic asset alongside traditional reserves.

He also pointed to efforts aimed at ending what he described as the previous “war on crypto” and urged Congress to advance market-structure legislation, such as the Clarity Act, to keep the United States ahead of competitors, particularly China.

He framed the bill as essential to keeping the United States ahead of China and other competitors in cryptocurrency, prediction markets, artificial intelligence and related technologies.

Trump framed digital assets and emerging technologies as extensions of broader American economic and technological strength.

He warned that failure to maintain leadership would hand opportunities to rival nations and reiterated that the United States is already “way ahead” in artificial intelligence and other key fields.

The remarks come amid continued industry growth and ongoing debates over regulation, with the administration positioning itself as supportive of domestic innovation while seeking to solidify rules that would be harder for future administrations to reverse.

Notably, former New York Gov. Andrew Cuomo is urging Congress to pass the bill, warning that the U.S. is falling behind other countries on crypto regulations as “it has to pass.”

Outlook

Trump’s latest remarks are likely to reinforce expectations that his administration will continue pursuing a more crypto-friendly regulatory environment in the United States.

While his comments on potentially acquiring larger amounts of Bitcoin do not amount to a formal commitment, they could strengthen market expectations that the asset may play a greater role in the country’s long-term financial strategy.

The outlook will largely depend on whether Congress can advance the Clarity Act and other market-structure legislation, as well as how regulators translate the administration’s pro-innovation stance into clear and enforceable rules.

Stripe Bets on AI Infrastructure With $7.5 Billion OpenRouter Acquisition

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Stripe is making a major push into the artificial intelligence economy with plans to acquire OpenRouter, a fast-growing platform that gives developers access to a wide range of AI models, including popular open-weight systems from Chinese and U.S. developers.

The fintech company announced the deal on Wednesday without disclosing financial terms. The New York Times, citing a person familiar with the matter, reported that Stripe is paying about $7.5 billion, including roughly $1.5 billion earmarked for OpenRouter’s founders.

The reported price marks a dramatic increase from OpenRouter’s most recent private-market valuation. The startup raised $113 million less than three months ago at a valuation of about $1.3 billion, meaning the reported acquisition price would value the company at nearly six times that level in a matter of weeks.

Stripe declined to comment on the reported valuation.

The acquisition gives Stripe exposure to a segment of the AI market that sits between model developers and businesses that use AI. OpenRouter acts as a routing layer, allowing developers to access and compare multiple AI models rather than building their applications around a single provider. That position is becoming more important as companies face a rapidly expanding selection of AI models with different prices, capabilities, and performance characteristics.

OpenRouter has become popular for access to open-weight models, including systems developed by Chinese AI companies such as DeepSeek and Z.ai. These models have attracted developers partly because they can offer lower costs than proprietary systems from companies such as OpenAI and Anthropic.

Stripe said businesses are increasingly struggling to manage AI costs because models are being released and repriced at a rapid pace. Its interest in OpenRouter is therefore not simply about gaining exposure to AI models, but about controlling the financial infrastructure surrounding their use.

“Stripe is building the economic infrastructure for AI, and together with OpenRouter we’ll help businesses maximize profitability by routing their requests intelligently and spending their tokens efficiently,” Stripe CEO Patrick Collison said.

The logic behind the deal is considered valid. As companies use multiple models for different tasks, selecting the cheapest or most capable model for each request can have a material effect on operating costs. A routing platform can direct a query to different models based on factors such as price, latency, availability, and performance.

That potentially positions OpenRouter as an important layer in the emerging AI software stack. Instead of betting on which individual model will dominate, Stripe is acquiring infrastructure designed to allow businesses to use many models simultaneously.

OpenRouter said the combination would support its goal of creating “a healthy AI ecosystem where many models thrive,” arguing that having multiple competing models reduces the risk that one system becomes the industry default simply because developers are locked into it.

The acquisition also marks a significant expansion of Stripe’s strategy beyond payments. The company has built its valuation primarily around online payment infrastructure, but it has increasingly expanded into adjacent financial and technology services.

Stripe was valued at nearly $160 billion earlier this year. It also strengthened its cryptocurrency business last year through the $1.1 billion acquisition of stablecoin platform Bridge.

OpenRouter gives Stripe a different route into the AI economy. Rather than competing directly with model developers, Stripe would own a platform that helps businesses consume models from competing providers.

The reported valuation also reveals the extraordinary premium investors are placing on AI infrastructure. OpenRouter’s valuation has reportedly jumped from about $1.3 billion to $7.5 billion in less than three months, illustrating how quickly capital is moving toward companies positioned to benefit from the rapid expansion of AI usage.

The deal could ultimately prove more significant than a conventional technology acquisition because it gives Stripe a foothold in the economics of AI inference, the process of running trained models to generate responses for users. Stripe’s bet is that the companies managing the costs of inference, rather than only the companies building the underlying models, could become major beneficiaries of the AI boom.