Consumer Protection

Apple is facing a federal lawsuit alleging it allowed a fraudulent bitcoin wallet app impersonating Sparrow Wallet to remain on the App Store after a major theft report. Three plaintiffs claim they collectively lost about $1.84 million after entering seed phrases into the app.

A key group of Senate Democrats says the latest Digital Asset Market Clarity Act draft needs stronger provisions before it can advance. The objections focus on ethics for elected officials, consumer protection, illicit finance, conflicts of interest and market integrity.