Technology

NetChoice is suing Virginia to block a new law that limits kids under 16 to one hour of daily social media use unless parents approve more time, arguing the rule violates the First Amendment and introduces serious privacy risks through mandatory age-verification. The Verge reports: In addition to restricting access to legal speech, NetChoice alleges that Virginia's incoming law (SB 854) will require platforms to verify user ages in ways that would pose privacy and security risks. The law requires platforms to use "commercially reasonable methods," which it says include a screen that prompts the user to enter a birth date. However, NetChoice argues that Virginia could go beyond this requirement, citing a post from Governor Youngkin on X, stating "platforms must verify age," potentially referring to stricter methods, like having users submit a government ID or other personal information. NetChoice, which is backed by tech giants like Meta, Google, Amazon, Reddit, and Discord, alleges that the law puts a burden on minors' ability to engage or consume speech online. "The First Amendment prohibits the government from placing these types of restrictions on accessing lawful and valuable speech, just in the same way that the government can't tell you how long you could spend reading a book, watching a television program, or consuming a documentary," Paul Taske, the co-director of the Netchoice Litigation Center, tells The Verge. "Virginia must leave the parenting decisions where they belong: with parents," Taske says. "By asserting that authority for itself, Virginia not only violates its citizens' rights to free speech but also exposes them to increased risk of privacy and security breaches."

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An anonymous reader quotes a report from Bloomberg: Amazon Web Services, Microsoft's Azure, and Alphabet's Google Cloud risk being dragged into the scope of the European Union's crackdown on Big Tech as antitrust watchdogs prepare to study the platforms' market power. The European Commission wants to decide if any of the trio should face a raft of new restrictions under the bloc's Digital Markets Act (source paywalled; alternative source), according to people familiar with the matter who spoke on condition of anonymity. The plan for a market probe follows several major outages in the cloud industry that wrought havoc across global services, highlighting the risks of relying on a mere handful of players. To date, the world's largest cloud providers have avoided the DMA because a large part of their business comes via enterprise contracts, making it difficult to count the number of individual users, one of the EU's main benchmarks for earmarking Silicon Valley services for extra oversight. Under the investigation's remit, regulators will asses whether the top cloud operators -- regardless of the challenge of counting user numbers -- should be forced to contend with a raft of fresh obligations including increased interoperability with rival software and better data portability for users, as well as restrictions on tying and bundling.

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An anonymous reader shares a report: When Nigel Morris tells you he's worried about the economy, you listen. As industry observers know, Morris co-founded Capital One and pioneered lending to subprime borrowers, building an empire on understanding exactly how much financial stress the average American can handle. Now, as an early investor in Klarna and other buy-now-pay-later companies like Aplazo in Mexico, he's watching something that makes him deeply uncomfortable. "To see that people are using [BNPL services] to buy something as basic and fundamental as groceries," Morris told me on stage at Web Summit in Lisbon this week, "I think is a pretty clear indication that a lot of people are struggling." The statistics back up his unease. Buy-now-pay-later services have exploded to 91.5 million users in the United States, according to the financial services firm Empower, with 25% using the services to finance their groceries as of earlier this year, according to survey data released in late October by lending marketplace Lending Tree. These aren't discretionary purchases -- the designer bags and latest Apple headphones that BNPL was marketed for originally. Borrowers aren't paying it all back, either. According to Lending Tree, default rates are accelerating: 42% of BNPL users made at least one late payment in 2025, up from 39% in 2024 and 34% in 2023.

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An anonymous reader shares a report: Harvard is ramping up its holdings in cryptocurrency. The nation's oldest university reported a $443 million investment in BlackRock's iShares Bitcoin Trust in the third quarter. The school now holds 6.8 million shares of the exchange-traded fund, up from 1.9 million in the second quarter. The digital currency amounts to a little less than 1% of the school's $57 billion endowment. Other schools are bullish on crypto as well. Brown University reported holding $13 million of the BlackRock bitcoin ETF in the second quarter and Emory University reported holding $20 million of Grayscale's Bitcoin Mini Trust ETF as of March.

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