Silicon Valley expects a chillier relationship with Biden than Obama

Now that the Biden administration has announced a transition team and is gradually announcing key advisory and cabinet appointments, the posture of the new administration toward Silicon Valley is becoming clearer. And it’s not the look of a budding friendship. When Biden last worked at 1600 Pennsylvania Ave., the White House had an open and friendly relationship with Silicon Valley. For example, the Obama administration also recruited talent from Silicon Valley to form the U.S. Digital Service , the elite technology “startup” within the White House that helped government agencies streamline systems and exploit new agile development methods. Obama also created the position of U.S. chief technology officer within the Office of Science and Technology Policy. From a regulatory standpoint, the tech industry enjoyed a light touch during the Obama years. Its relationship with the Biden administration will likely be different and less trusting. That’s one of the reasons it’s closely watching the formation of the new Biden administration, now in its beginning stages. There’s a lot to watch, since so many government agencies now impact the business of tech. Some high-level appointments, such as Ron Klain as chief of staff, will deal with a broad spectrum of issues, many of which don’t touch tech directly. But others, like the appointment of Janet Yellen as Treasury secretary could, for example, have implications for digital currencies and other financial tech. “There are enormous fintech issues that will be facing the financial regulators, most principally the office of the Comptroller of the Currency, but some issues that’ll touch upon the FDIC, Federal Reserve ,and Treasury as well,” says Jeff Hauser, founder and director of the Revolving Door Project, which tracks presidential appointees who come from various industries. Antitrust under Biden Of chief concern to Big Tech is the Biden administration’s thinking on antitrust. Proposals for breaking up big tech companies in the last couple of years from people such as Massachusetts senator and former presidential candidate Elizabeth Warren have ridden a wave of populist feeling in the country. The Department of Justice has already filed an antitrust lawsuit against Google in federal court, and the Federal Trade Commission is reportedly in the final stages of deciding whether to file its own suit against Facebook. The agencies are also conducting investigations into alleged anticompetitive aspects of marketplaces run by Amazon and Apple. The Valley is waiting for Biden to announce his attorney general and FTC chair , which could tell a lot about the new administration’s plans to control Big Tech. I don’t think this administration is going be kind to Big Tech in general.” Eric White, Seismic Capital Company Biden said precious little about antitrust on the campaign trail, but his statements on adjacent issues give some clues to his thinking

View post:
Silicon Valley expects a chillier relationship with Biden than Obama