Month: December 2022

Blockchain, Crypto, and DeFi Technology Patent Law – The National Law Review

Thursday, December 8, 2022

The proliferation of blockchain, cryptocurrency, and decentralized finance (DeFi) applications in recent years has been accompanied by a surge in patent filings worldwide by blockchain tech developers. And, despite some early reluctance of national patent offices to recognize the patentability of these emerging technologies, many national patent law and patent application examination regulations have been revised in recent years to recognize their patentability. This has resulted in thousands of patents being granted worldwide for blockchain, crypto, and DeFi inventions.

A blockchain was created as a transaction ledger for the bitcoin cryptocurrency. Historically, the patent laws in most countries have deemed fintech inventions as patent ineligible business methods for lacking sufficient technical features and being merely mental processes, mathematical formulas, or methods for organizing human activity. However, a blockchain is inherently a technological system. It is a distributed ledger that consists of a growing list of electronic records that are securely linked together using cryptography and managed by a peer-to-peer computer network.

As the popularity of blockchain technology has grown and its application has expanded from the fintech sector to other industries, such as healthcare, transportation, big data, cybersecurity, and consumer electronics patent application filings for blockchain-based inventions skyrocketed worldwide. Recognizing the economic importance of blockchain technology and its inherent technical nature, many national patent offices have also revised their patent laws and examination regulations to ease the eligible subject matter threshold for blockchain inventions.

The following is a survey of national patent laws and regulations pertaining to the examination of blockchain, crypto, and DeFi technologies in the most popular patent filing jurisdictions:

United States

The United States has historically been one of the most patent friendly countries in the world. Not surprisingly, the earliest patents for blockchain inventions were granted in the US due to the strict interpretation of patent eligible subject matter defined in 35 USC 101 with respect to software and business methods, in which blockchain applications are typically classified, and the confusion caused by several different tests for patent eligibility promulgated by courts, prosecution of blockchain applications at the US Patent Office became quite challenging.

Recognizing these problems, the Patent Office published the 2019 Revised Patent Subject Matter Eligibility Guidance (here is our analysis of the guidance), which provided a structured framework for evaluating software and business methods. The guidance effectively eased the scrutiny with which blockchain-related applications were treated with and provided clarity as to patent eligibility criteria for crypto, DeFi, and fintech inventions. Currently, there are nearly 30,000 patent applications and over 10,000 patents in the US for blockchain-based inventions.

China

Due to rapid growth of crypto mining farms, e-commerce business, and fintech start-ups in China, the number of patent applications for blockchain, crypto, and DeFi inventions has exploded in recent years. Some of China’s largest e-commerce and Internet companies, such as Alibaba Group and Tencent Holdings, lead the world with thousands of granted blockchain patents.

Recognizing the importance of blockchain and fintech technologies to its economy, the Chinese government called for corporations to accelerate development of blockchain technologies in 2019. Later that year, the National Intellectual Property Administration (NIPA) in China further revised its patent examination guidelines to include examples of blockchain methods – further easing the examination process for blockchain technology applicants. Currently, there are nearly 35,000 applications and about 9,000 patents in China for blockchain, crypto, and DeFi inventions.

Europe

The European Union has traditionally been more challenging than the United States and China in its treatment of business-related inventions. The European Patent Office (EPO), according to guidelines in section G-VII, 5, deems an application patentable if its claims define a technical solution to a technical problem, and make non-obvious technical contributions over the prior art. The EPO recognizes that a blockchain is a multi-disciplinary technology and that patent applications may include claim features related to networks, computing, and communications – typically deemed “technical” – and claim features related to mathematics and business methods – typically deemed “non-technical.” Accordingly, to improve chances of obtaining a patent in Europe, applications for blockchain, crypto, or DeFi solutions should minimize their focus on non-technical features and emphasize technical aspects of the invention. To date, approximately 2000 European applications have been filed for blockchain technologies, and about 500 patents have been granted.

Japan

While business methods in Europe are not given much favor, the Japanese Patent Office (JPO) is relatively lenient for these types of applications. Despite the Japanese Patent Act following a similar framework as the EPO guidelines in terms of distinguishing technical and non-technical features, the Japanese allowance rate for business-related inventions, which umbrella blockchain-related inventions, is over 50%. This does not mean that any blockchain-related application is automatically patent eligible in Japan. For example, the data within a blockchain is unpatentable. However, a device, a method, and/or a program for implementing a process using blockchain/crypto is generally considered patent eligible by the JPO. To date, there are approximately 1700 patents in Japan for blockchain, crypto, and DeFi inventions.

South Korea

Similar to Japan and China, South Korean patent laws view blockchain-based technology quite favorably. In accordance with Article 29(1), Article 29(1)ii, and Article 29(2) of the Korean Patent Act, both blockchain core technology and application technology are patentable. Core technology covers the transmissions or transactions of data involving the use of blockchain/crypto and application technology covers the use of blockchain networks in the context of finance, security, cryptocurrencies, etc. Because both aspects of blockchain technology are deemed patent eligible, South Korea is generally a favorable country for blockchain, crypto, and DeFi patent applications. It is thus not surprising that the number of patent filings in South Korea has grown exponentially from several dozen blockchain-related patent applications in 2015 to nearly 1500 applications in 2019. 

Blockchain, crypto, and DeFi technologies provide ample opportunity for innovation as evidenced by thousands of patent applications filed worldwide for these cutting-edge technologies. The rapidly growing number of patents issued for these technologies in the United States, China, Japan, South Korea, and even Europe indicate that the majority of patent filing jurisdictions look favorably on the patentability of blockchain-based technologies. However, to maximize the chances of obtaining a patent for these technologies, inventors and their patent attorneys should be aware of different patent eligibility requirements and standards of various national patent offices and employ correct patent application drafting and prosecution strategies.

Simple Things To Do In Order To Relieve Stress

Does stress bother you on a regular basis? If so, you’re in good company. Millions of people are dealing with stress, and those who have ditched that proverbial back-clinging monkey have shared their expertise in the article below. Read about how you can get rid of the stress in your life.

A journal can help reduce stress. All it takes is a pen and paper and a few minutes to write down whatever is bothering you. Often just getting it out on paper puts things in a better perspective. Writing about our problems releases emotions that may otherwise be pent up, thus increasing our stress levels. Furthermore, seeing our problems on paper can sometimes allow us to see possible solutions to our problems.

Watching a movie is a proven way to eliminate the stress in your life for a couple of hours. Sit down with friends, family or alone and watch a horror or action film that will stimulate your mind. This will help a lot in getting your thoughts off your troubles.

Try reading a book to relieve some of your pent up stress. Losing yourself in another world, perhaps one of fantasy or sci-fi or a romance, can be a great way for your mind to go on autopilot for a bit. You’ll be able to focus on the world inside the book, rather than whatever is stressing you out.

If you are under pressure, one of the things that you can do is lift weights. When you contract your muscles, you will reduce the tension on your body and feel good about yourself. Do this in the comfort of your own home or at the gym to reduce stress levels.

Stress can be a vicious cycle so find small ways of breaking it up to avoid it breaking you down! Most of us have stress in our lives from one source or another and scheduling some fun or relaxation around it will stop it from taking over. If there is no way to completely avoid stress we can at least make it intermittent!

Admit your stress. Each of us have our own stress signal, whether is it teeth gritting, neck pain, shoulder pain, shallow breathing, or loss of temper. Take time to figure out what yours is and then say out loud, “I am feeling stressed” once you start to feel that way. Saying it and realizing you are starting to feel stressed will help slow down the negative emotions.

Make sure that if you are staring at a computer at work for the majority of the day, to get up and stretch your body. Stretching is really important, as remaining stagnant for the greater part of the day can increase stress levels. Move around and chat with co-workers to improve how you feel.

A great tip that can help you fight stress is to be resilient. When things don’t go the way we want them to, we sometimes will consider ourselves to be a victim. This kind of thinking can make you stressed out. Instead, try to overcome difficult situations as best as you can.

One way to manage your stress is to take an amount of money that you can do without and spend it on something completely unnecessary that you might have always wanted. This will help to clear your mind and give you a sense of power and self accomplishment.

A great way to deal with stress is to consider changing your diet. This is important because it is very possible that there is something in your diet that is directly responsible for your moods or feelings. Take a look at what you eat and consider changing it around to test and see if you feel any better.

One way to deal with stress in your life is to be sure that you do not take up drinking as a means of dealing with it. This is important because alcohol will only make your life more stressful in one way or another. The only positive effect that it has is possibly dulling your emotions. If you feel that you need a drink, stop and analyze what you are feeling. Try to deal with what stress you identify in a more healthy way. Either tackle the problem itself, engage in some vigorous exercise, or listen to your favorite music – whatever works for you.

If you are not the kind of person who enjoys running than you can also consider some type of martial art. The act of hitting an object or other person in an appropriate context can really help to ease the desire to hit people in the absolute wrong situations in life.

Once you figure out how to get that monkey off your back, it’s time to knock him off and refuse to let him back on. This article can help you by providing some great stress-specific tips, but it’s up to you at the end of the day to follow through on what you’ve learned and to get rid of that stress.

ARM Loans: What is a Fully Indexed Interest Rate?

ARM loans or adjustable rate loans, have a rate that adjusts periodically. Most commonly, they adjust once per year. You do get a fixed period temporarily at the start of the loan, which can be 3, 5, or 7 years. After that, your rate adjusts. During the adjustment periods, you will hear a variety of terms thrown around including the fully indexed interest rate.

Below we explore what this means so that you have a full understanding of your ARM loan.

Understanding the Fully Indexed Rate

Let’s start from the beginning. Let’s say you have a 3/1 ARM with an initial rate of 3.5%. The first three years of the loan, your rate will be 3.5%. It does not adjust during that time. After the third year and on your loan’s adjustment date, the rate will adjust. The rate it becomes is the fully indexed rate. This means:

The loan’s benchmark (index) + the designated margin

The loan’s benchmark could be LIBOR, 1-year Treasury Bill, or the prime rate. It could also be another benchmark, but these are the most common. The margin is a predetermined amount the lender will add to the benchmark at the time of adjustment. Lenders often base the margin on your credit score. The higher your credit score is, the lower the margin and the lower the credit score is, the higher the margin.

Your rate will adjust each year at the same time coinciding with the chosen benchmark plus the margin. The rate could increase or it could decrease, it depends on the market’s performance.

The Caps

Before you worry that your interest rate could get out of hand, the fully indexed rate does have limits or caps. They are as follows:

  • Initial adjustment cap – Your rate can only adjust as much as the initial cap. This helps you avoid too much payment shock when you start a new payment. This cap expires after the first adjustment.
  • Periodic adjustment cap – Your rate can only adjust a certain amount each period after the initial cap. This cap remains for the life of the loan but pertains only to each period.
  • Lifetime cap – The final cap is the amount your rate can adjust over the lifetime. For example, if it’s 5%, then your rate can only increase 5% the entire lifetime. If it hits that amount, the rate will not adjust any further.

Before you take an ARM loan, consider all aspects of it. Ask the lender what the fully indexed rate is at its worst. In other words, what’s the highest the interest rate can get? This will help you determine if you should take this loan or not. If it’s a payment that you cannot afford, why take the chance? The only way around this is if you know that you will refinance the loan or pay it off before the rate adjusts.

For example, if you are buying this house just for a few years because you know your job will relocate you, a 5-year ARM might be beneficial. You can save on the interest during the introductory period and then pay the loan off before it adjusts. You should also plan for the worst-case, though. What if you don’t move? Can you afford the fully indexed rate and coinciding payment? Keep these things in mind as you decide which loan is right for you

Marner’s point streak reaches 21 games as Maple Leafs rout Kings

Mitch Marner extended his franchise-record point streak to 21 games with a second-period goal as the Toronto Maple Leafs earned a 5-0 win at home over the Los Angeles Kings on Thursday.

With Toronto in front 3-0, thanks to goals from Pierre Engvall, David Kampf and William Nylander just 1:06 apart earlier in the second, Marner checked in with a slapshot marker after a Kings turnover inside their blue line.

The Maple Leafs (17-5-6) won for the seventh time in eight outings and handed Los Angeles (14-11-4) its seventh loss in 10 games.

With Canadian pop star Justin Bieber among the 18,567 at Scotiabank Arena, Marner scored his 11th of the season. He has 10 goals and 16 assists in his 21-game point streak.

WATCH | Marner extends franchise-record point streak:

Marner extends points streak to 21 games as Leafs shut down Kings

49 minutes ago

Duration 0:54

Mitch Marner’s second period goal helped Toronto shut out Los Angeles 5-0 Thursday night.

Marner’s streak is now tied for 23rd all-time in the NHL with Dave Taylor, Adam Oates and Bobby Hull.

Marner also became the 10th different player in the past 35 years to string together a point streak of 21 or more games and the third active skater, behind Patrick Kane (26 games in 2015-16) and Sidney Crosby (25 games in 2010-11).

Toronto goaltender Ilya Samsonov made 29 saves for his first shutout in a Maple Leafs sweater and the seventh of his career.

The Maple Leafs outshot their opponents 41-29.

Kings netminder Jonathan Quick, who made 36 saves, kept his club in the game for the opening 25 minutes.

The Maple Leafs had outshot the visitors 19-7 when Engvall beat Quick with a wrist shot for a power-play goal 5:10 into the second period.

Twenty-six seconds later, Kampf employed linemate Alex Kerfoot as a decoy to score on a two-on-one rush started by Kerfoot to provide the Maple Leafs with a two-goal advantage.

Nylander checked in with his 15th of the season, and fifth in seven games, on a breakaway goal 40 seconds later. He also set up Auston Matthews for his 14th goal midway through the final period.

Kerfoot was good for two assists against the Kings.

Engvall’s night ended early in the third period when he was given a match penalty for intent to injure after he high-sticked Kings defenceman Sean Durzi, a former Toronto draft pick, in the back of the head in the neutral zone.

During the ensuing five-minute power-play, Los Angeles winger Adrian Kempe scored but the goal was rescinded after a video review determined the play was offside.

Maple Leafs defenceman T.J. Brodie returned to the lineup after a 12-game absence because of an oblique injury, playing alongside newcomer Conor Timmins. Toronto went 9-0-3 without Brodie.

The Maple Leafs play the middle outing of their three-game homestand against the Calgary Flames on Saturday.

Crypto Corner: The Sports Slice

 

Is it doom and gloom for crypto engagement and sports? The answer from top crypto executives is a mixed bag as the Sports Business Journal Dealmakers Conference inquiries from some of the highest ranked sports executives in the business.

Meanwhile, the World Cup heads to knockout rounds and departs group stages with little major fanfare in the crypto space. And FTX’s demise has led Formula 1 to take another glance at the risk profile surrounding cryptocurrency partners.

Each week, we review the biggest stories in sports and crypto with The Sports Slice – let’s dive into the past week of action.

The Sports Slice

SBJ’s Dealmakers Conference Asks Top Sports Execs: Buy, Sell, Or HODL? 

Sports Business Journal sat down with different sports executives at it’s annual Dealmakers Conference, asking many execs if they advocate buying, selling, or holding Bitcoin. The responses varied, but overall expressed a positive sentiment: Monumental Sports & Entertainment’s Ted Leonsis express bullish sentiment around blockchain technology at large – rather than a specific token or chain – while Professional Fighters League Chairman & Founder Donn Davis was less enthused, describing a story of giving his son some money to buy Bitcoin “and it’s all gone.”

Other bullish and bearish sentiment scattered throughout responses: Take-Two Interactive CEO Strauss Zelnick says “run for the exits,” while AEG Global Partnerships COOs Nick Baker and Russell Silvers were practically taken aback at the question, replying “buy… big buy.”

Even a little middle-ground responses made their way, such as WNBA player and WNBPA Secretary Elizabeth Williams expressed that she shies away from the volatility, and fellow WNBA hooper and WNBPA President Nneka Ogwumike said that she simply wants to be more educated on the area before making a real decision on ‘buy, sell or HODL.’

Finally, frequent crypto converser and serial entrepreneur both in and out of sport, Mark Cuban, broke down how differentiated and nuanced crypto can get; Cuban separated the ideas of centralized exchanges, the extra speculative investments, and more blue-chip crypto investments. Cuban closed out in expressing that when a smart contract app brings true utility, we’ll see the next big boom; but just like with early internet, it will take time.

Bitcoin (BTC) was a focal point of questioning at Sports Business Journal's Dealmakers Conference this past week. | Source: BTC-USD on TradingView.com

F1 Considers Risk Profile Of Crypto Partnerships

FTX’s ripple effects continue. Sports sponsorship perspective has taken a major hit from the centralized exchange’s downfall; Formula 1 racing has seen a spike in dialogue around the topic, as Mercedes F1 team saw it’s FTX sponsorship collapse, it’s a stark reminder that crypto partnerships carry a risk profile.

Other perspectives have emerged this past week as well: SBJ Marketing’s blog posted a piece expressing that it will take time for momentum to re-emerge; Playfly Premier Partnerships CEO Randy Bernstein was quoted in the piece as saying that “crypto overheated so quickly…  there was irrational exuberance on both the buy and sell side.”

Finally, another article from the Dallas Morning News headlined “Crypto is done” expressed a less optimistic perspective on the matter: the article cites Jonathan Jensen, a former sports marketing executive at Omnicom and Publicis Groupe, who states that “the vetting process is, ‘Who’s going to pay the most?… most do not undergo a great deal of scrutiny.”

Jensen isn’t wrong and FTX is a prime example. However, this is far from being exclusive to the crypto industry. Just take a look at Houston Rockets past jersey partner, ROKiT, which was exposed on Reddit for it’s questionable business presentation. The jersey patch partnership was terminated a short time later.

As Bear Market Persists, Candy Digital Makes Cuts

Candy Digital, the NFT platform with a major sports focus, partnerships with the likes of the MLB and Netflix, and backing from Gary Vee and others, has laid off “a large part of it’s staff,” according to reports throughout last week.

According to the story, first released by Sportico, roughly one-third of the team’s 100-person staff has been laid off. The news comes following layoffs from fellow sports NFT platform Dapper Labs and from broader NFT marketplace OpenSea, among others, in recent months.

Russia’s Largest Digital Asset Deal Denominated in Chinese Yuan – Finance Bitcoin News

 

 

A Russian company has announced the country’s first authorized transaction with digital financial assets (DFAs) involving a foreign currency, China’s yuan. The deal, reportedly the largest made to date under the current Russian DFA law, covers the issuance of tokens secured by commercial debt.

Digital Financial Assets for 58 Million Yuan Issued by Russian Platform

A licensed firm has finalized Russia’s first deal with digital financial assets denominated in foreign fiat. The transaction involved the issuing of DFAs worth 58 million Chinese yuan (approx. 516 million rubles or $8.26 million) secured by commercial debt.

It took place on a platform developed by Lighthouse, which was approved by the Bank of Russia in March as one of the “information systems operators” allowed to manage digital financial assets. Russia’s largest bank, Sber, and the tokenization service Atomyze were also registered as such.

While Russian authorities have been working to adopt a more comprehensive legal framework for all digital assets, including cryptocurrencies, the law “On Digital Financial Assets,” which was enforced in January of 2021, regulates some transactions with coins or tokens that have an issuer.

Officials in Moscow now want to legalize crypto payments in cross-border settlements and expand the use of the ruble and the national currencies of partners like China in foreign trade. The main reason is to circumvent restrictions imposed by the West over the war in Ukraine and reduce Russia’s dependence on the U.S. dollar and the euro.

Quoted by Russian crypto news outlet RBC Crypto, Lighthouse pointed out that the first DFA operation involving foreign currency has also become the largest placement of this kind in the country’s market for digital financial assets.

The maturity of the tokens issued is 29 days and the interest rate is 4%, the fintech company detailed, highlighting the advantages of DFAs over short-term lending in rubles, which comes at a 9 – 10% annual rate. It also noted that DFAs reduce the risks for issuers of losses from currency fluctuations.

Lighthouse General Director Denis Iordanidi believes that the new financial instrument will provide an opportunity to make cheap short-term investments without competing with the traditional bond market that offers long-term financial investments. According to a survey conducted in November, 37% of Russian companies are ready to enter the DFA market as issuers, the report added

 

Elon Musk and Matt Taibbi release Twitter docs on Hunter Biden tapes

WASHINGTON — Elon Musk promoted a series of tweets Friday that shows Twitter executives struggled with handling tweets surrounding a report on Hunter Biden’s laptop before the 2020 presidential election as the company took steps to block it. 

“This will be awesome,” Musk, CEO of Twitter, wrote before the release of what he billed “The Twitter files” – a lengthy Twitter thread by journalist Matt Taibbi detailing internal documents that Musk apparently fed Taibbi. 

Musk, who last month urged his followers to vote for Republicans, seemed to push the material to expose what he claims is the political left’s grip over Big Tech. 

Taibbi said he had to “agree to certain conditions” to report on the story but did not disclose what they were. USA TODAY was unable to verify the authenticity of screenshots of emails and other documents that form the bulk of Taibbi’s reporting. The White House declined to comment. 

The emails focus on the debate within Twitter whether censoring tweets promoting a 2020 New York Post story on Hunter Biden’s laptop was the right call. The Post story provided sensitive information that news organizations including USA TODAY could not verify at the time.

Biden, his allies and former intelligence officials said the story was likely Russian disinformation. However, then- Director of National Intelligence John Ratcliffe said the emails targeting the younger Biden weren’t connected, even as federal authorities continued to review whether the material was part of such a campaign.

According to Taibbi, Twitter blocked tweets from former Trump administration officials publicizing the article prompting them to contact and admonish the company for its actions. Meanwhile, members of Biden’s campaign reported specific tweets to Twitter and requested they be blocked. 

USA TODAY has since verified the contents of the reported tweets by the Biden campaign through open-access tools and found they were pornographic in nature or alluded to Hunter Biden’s sexual activities.

Here’s what the documents show – and what they don’t:

Biden campaign flagged tweets in lead-up to the election 

  • Taibbi’s report reveals requests from President Joe Biden’s campaign in the days before the 2020 election for Twitter to remove tweets the campaign flagged.  An email from a Twitter employee dated Oct. 24, 2020 includes six links to tweets. “More to review from the Biden team,” the employee wrote. Another Twitter worker replied, “Handled these.”
  • Taibbi goes on to write, “Requests from both Donald Trump’s White House and the Biden campaign were received and honored.” He does not provide examples of tweets the Trump team flagged to Twitter.

Elon Musk and Apple:Elon Musk says he met with Apple’s Tim Cook, issue with Twitter ‘resolved’

Do Facebook and Google censor conservati:Trump, Republicans bet claims they do will rally GOP base in 2022

  • Taibbi argues “this system wasn’t balanced” because he says the majority of Twitter’s employees are Democrats. To make that case, he pointed to the Twitter team’s significantly greater campaign contributions to Democrats over Republicans.
  • Notably, Taibbi’s reporting does not show the Biden campaign flagging the 2020 New York Post report that first revealed the existence of Hunter Biden’s laptop. 

‘Caution is warranted’: Twitter debated what to do about New York Post story

  • Twitter removed links to tweets linking to the story, marked them as “unsafe” and blocked the ability to send the story in direct messages. The Twitter team said the Hunter Biden laptop material fell under its “hacked materials policy.”
  • But some at Twitter raised concerns. “I’m struggling to understand the policy basis for marking this as unsafe,” Trenton Kennedy, a Twitter communications official wrote in an email. Kennedy advised that the company say it is “waiting to understand” whether the New York Post story is the result of hacked material.
  •  “Can we truthfully claim that this is part of the policy?” Brandon Borrman, former vice president of global communications asked in an email. Jim Baker, deputy general counsel for Twitter, replied that “caution is warranted” because it is “reasonable to assume” that materials reported in the story were hacked. 
  • A Democratic congressman, Rep. Ro Khanna, D-Calif., whose district includes Silicon Valley, reached out to a top Twitter executive with concerns the decision to block the story violated “1st Amendment principles.” 

Fact check: Claims that Hunter Biden received $3.5M from Russia are unproven, lack context

‘A Twitter circus show,’ analysts say

Since his $44 billion takeover of Twitter at the end of October, Musk has been trying to find a way to bring more money in.

In November, Twitter briefly offered verified checks through an $8-per-month “Twitter Blue” subscription and has discussed other ways to attract advertisers such as relaunching the short-form video platform Vine. Musk has also gutted the staff through mass layoffs. 

The financial pressures come after Musk saddled Twitter with $13 billion in debt to finance the deal, meaning the company must pay more than $1 billion annually in interest alone, the New York Times reported.

Neuralink:Elon Musk’s Neuralink wants people to control computers with their minds. How close are they?

Wedbush Securities analyst Daniel Ives calls Taibbi’s Twitter thread a “Twitter circus show,” with Musk using his new ownership and his showmanship to create as much political noise as possible to drum up engagement on the platform which has foundered in recent years.

“At the end of the day, there are 44 billion reasons that Musk needs to increase engagement on Twitter. This will go down as the most overpaid M&A transaction in the history of tech, and I think Musk realizes the challenges ahead.”

Jared Holt, senior research manager at the Institute for Strategic Dialogue, wrote that it’s common practice for political campaigns to complain to social media companies and that Taibbi offered no evidence that Twitter gave the Biden campaign special treatment. “We already know that major social media companies debate internally about their moderation policies and are inconsistent with applying their decisions,” he wrote. “So, what is exactly new about Taibbi’s revelations? I would argue almost nothing, so far.”

Musk’s political views shift to the right

Musk’s push to bring the Biden story back in the spotlight comes after the billionaire has shown signs of aligning more closely with the political right.

On Nov. 7, Musk tweeted a recommendation to vote for a Republican Congress in the midterms, “given that the Presidency is Democratic.” He went on to say that he agrees “with some of the Democrat and some of the Republican policies, but not all.”

In a Nov. 25 tweet, Musk confirmed that he would support Ron DeSantis, a Republican, in 2024. In May, he acknowledged that he had previously voted Democratic but now believed it to be “the party of division & hate.”

Twitter has also invited right-wing accounts back onto the platform under Musk, including former president Donald Trump. Trump later was banned from the platform in Jan. 2021 due to risks he would incite further violence following the Jan. 6 attack on the capitol by his support.    

What politicians are saying and what could be next

  •  Republicans seized on the material as proof Twitter sought to hide a story unfavorable to Biden ahead of the election. “We’re learning in real-time how Twitter colluded to silence the truth about Hunter Biden’s laptop just days before the 2020 presidential election,” House Republican Leader Kevin McCarthy said. He vowed Republicans will “get answers for the American people” when they take control of the House next year.
  •  Democrats said there was no story. “Here is the BIG REVEAL,” U.S. Rep. Ted Lieu, D-Calif. “Twitter got complaints from lots of folks, including the Biden campaign, the Trump White House and your cousin’s friend. Sometimes Twitter listened and sometimes it didn’t.”