ai

Coinbase CEO Brian Armstrong has sharply criticized the European Union, accusing it of using regulatory power to extract billions in fines from American tech companies. He claims that instead of fostering innovation and economic growth, the EU has turned regulation into a revenue-generating tool focused on punishment over progress.
In a post on X, Armstrong wrote:
“At some point, when enough regulation leads to fines, it borders on looting. You can have more fines from overregulation, or you can have a growing economy – but not both.”
His comments came in response to a statement by David Fant, founder of Agentic Godmode AI, who pointed out that the EU collected €3.8 billion in fines from U.S. companies in 2024 – more than the €3.2 billion paid in corporate income taxes by public European tech firms.

€3.8 Billion in Fines, More Than Tech Tax Revenue
According to Fant, the EU earned more from penalties levied against firms like Apple, Google, Meta, X, and TikTok than from their actual tax contributions in Europe. The fines included:
🔹 €400 million under GDPR privacy rules

🔹 €3.4 billion under antitrust regulations, the Digital Markets Act, and the Digital Services Act

U.S. Criticism: "EU Becoming a Revenue Tool"
American business leaders and politicians are increasingly warning that Europe’s digital regulatory regime is becoming a politicized tool of economic pressure. The latest flashpoint was a €120 million fine against Elon Musk’s X over allegedly misleading verification systems and lack of advertising transparency.
Elon Musk responded bluntly:
“The EU should be dissolved and sovereignty returned to individual countries.”
Several U.S. officials echoed Musk’s frustration. Senator Marco Rubio called the EU’s actions “an attack on all American tech platforms and the American people.” U.S. Ambassador to the EU Andrew Puzder accused Brussels of suppressing American innovation and warned that the U.S. expects “fair, open, and reciprocal trade – nothing less.”

EU Officials Defend Their Laws: “We Must Be Tough”
European lawmakers insist that strict enforcement is necessary to protect users and ensure fair competition.
Bas Eickhout, co-chair of the Green Party in the European Parliament, told POLITICO:
“The Commission must enforce the law with an iron fist, no matter how loudly U.S. officials protest. We are the only ones truly standing up to Big Tech.”
The recent fine against X marked the first official non-compliance ruling under the Digital Services Act, which came into effect shortly after Musk acquired Twitter in 2022.

Summary: Economy vs. Regulation?
Armstrong, Musk, and others argue that Europe is going too far, while the EU maintains that it's defending user rights and market fairness. The debate is rapidly escalating into a geopolitical clash between the U.S. and EU, with tech regulation becoming the new battleground for global influence.

#coinbase , #brianarmstrong , #CryptoNews , #ElonMusk , #AI

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

San Jose, California – What started as an online romance quickly became a financial nightmare. Margaret Loke, a widow from California, lost nearly $1 million in a sophisticated crypto scam known as a “pig butchering” scheme. Ironically, it was ChatGPT that opened her eyes — telling her plainly: “This is a scam. Go to the police immediately.”

A Romance That Cost Her Everything
It all began with a Facebook chat with a man named “Ed.” Within days, the conversation moved to WhatsApp. Ed, claiming to be a wealthy entrepreneur, showered Loke with daily love messages and slowly earned her trust.
As the connection deepened, Ed introduced her to a “safe investment opportunity” in cryptocurrency. Loke, who had no trading experience, let Ed guide her in transferring funds to an online account — one he secretly controlled.

A Series of Costly Transfers
Ed showed her screenshots of “massive profits in seconds,” using fake results to convince her the investments were working. Loke sent:

🔹 $15,000 from her IRA at first

🔹 Over $490,000 from retirement savings

🔹 Another $300,000 via a second mortgage

🔹 And other transfers, totaling nearly $1 million
The situation worsened when her crypto account was suddenly “frozen,” and Ed demanded an additional $1 million to “unlock the funds.”

AI Steps In: ChatGPT as an Unlikely Lifeline
Feeling panicked, Loke turned to ChatGPT and described her situation. The AI immediately identified the pattern: classic pig butchering scam. It advised her to stop all contact and go directly to the police.
An investigation later confirmed her funds were routed to a Malaysian bank, from which scammers withdrew them. “I felt so stupid… but he was really convincing,” Loke said.

A Growing Global Cyber Threat
This is just one case among many. According to the FBI’s Internet Crime Complaint Center (IC3), Americans lost over $9.3 billion in online scams in 2024 alone — with seniors as the most common victims.
🔹 Southeast Asia is home to massive scam operations

🔹 The U.S. sanctioned 19 entities in Myanmar and Cambodia for scamming Americans

🔹 Meta recently removed 6.8 million WhatsApp accounts linked to pig butchering schemes
U.S. regulators warn that once money leaves American banking channels, recovery is extremely rare.

A Clear Warning to the Public
Margaret Loke’s story serves as a harsh but vital warning. Pig butchering scams blend emotional manipulation with fake investment promises. If someone online pushes you to invest — especially in crypto — pause, talk to an expert… or ask AI.

#Cryptoscam , #AI , #chatgpt , #CryptoCrime , #CryptoSecurity

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Elon Musk has entered open conflict with the European Union after Brussels slammed his platform X with a staggering £120 million ($140 million) fine—the first major penalty under the bloc’s strict Digital Services Act (DSA). The fine triggered immediate political backlash from U.S. officials, further escalating tensions between Europe and Washington over digital sovereignty and the regulation of American tech giants.

Historic EU Crackdown on Musk's X
The European Commission’s two-year investigation found that X (formerly Twitter) violated several core principles of the DSA, including:
🔹 The paid blue checkmark system, which regulators say misleads users and facilitates impersonation

🔹 A lack of transparency in its ad library, making it difficult to scrutinize sponsored content

🔹 Blocking independent researchers from accessing publicly available data on the platform
This makes X the first company to receive a formal non-compliance notice under the 2022 digital regulation. The fine is broken down as follows:
£45 million for the misleading verification system£35 million for non-transparent advertising practices£40 million for restricting research access
Musk’s company now faces 60 to 90 days to comply or risk further penalty payments. The Commission emphasized that this enforcement was not politically motivated but stems from clear regulatory breaches.

U.S. Officials Blast the EU
The decision didn’t go unnoticed in Washington. Secretary of State Marco Rubio denounced it as a direct attack on American tech firms, while Vice President JD Vance accused the EU of penalizing X for "not participating in censorship."
Musk, never one to stay silent, posted a blunt response: “This is bullshit.” A day later, he escalated, stating:
“The EU should be dismantled. Sovereignty should return to nations that represent their own people.”
The U.S. Commerce Department also weighed in. Secretary Howard Lutnick argued the EU’s digital overreach could jeopardize broader trade negotiations, including steel and aluminum tariffs.

EU Defends Action as Neutral
European officials pushed back. Commission spokesman Thomas Regnier clarified that fines were not based on nationality and cited TikTok’s constructive collaboration as an example of avoiding penalties.
“When platforms engage and cooperate with us, fines are not necessary. That was not the case with X,” Regnier said.
The EU has recently stepped up enforcement across tech platforms. Meta was fined £200 million earlier this year for its "pay or consent" ad model.

What’s at Stake?
Musk’s growing defiance highlights a deepening rift between U.S. tech leaders and European regulators. What’s being contested isn’t just money—but the future of online speech, platform accountability, and global tech governance.
If X fails to comply, the EU may impose further periodic fines or ultimately restrict the platform’s operations within its borders. Meanwhile, U.S. officials are signaling potential retaliation—setting the stage for a high-stakes digital showdown between Brussels and Washington.

#ElonMusk , #technews , #AI , #X , #Musk

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“