Weekly Round-Up 3/14

News We’re Watching

House Judiciary Committee accuses Amazon of Obstruction of Congress

The House Judiciary Committee has referred Amazon to the Department of Justice after refusing to hand over information requested by anti-trust investigators, according to the Wall Street Journal.

A letter was sent to Attorney General Merrick on Wednesday detailing the potentially criminal act. Lawmakers argue that Amazon has misled them throughout an investigation on the company’s competitive practices. Their investigation is heavily focused on how third party data is used for both customers and vendors. When investigators asked for information to either justify or refute these claims- Amazon refused to hand over any information.

A spokesperson for Amazon argues that this investigation is inappropriate, claiming that the company has been cooperative throughout the entire process, claiming that “internal policy prohibits using individual seller data to develop Amazon products.” Executives from the company have made similar claims throughout the congressional investigation.

This is not the first time Amazon has been accused of lying to Congress. Just five months ago, Amazon was accused of having private label practices that favored their own product listings over third party product listings. Throughout this 16- month investigation, Amazon has had several ‘contentious’ interactions with lawmakers. As the House Judiciary Committee investigates Amazon, they have stood firm in their practices- holding Amazon accountable for their business practices and assuring that they comply with privacy and antitrust laws.

Article 2: Uber Raises Prices due to Rising Gas Prices

In response to rising gasoline prices, Uber has added an extra fuel surcharge to their fares.

In a statement on Friday, the company argued that their employee’s fuel costs account for at least 10% of their paychecks, however, many drivers for the company argue that the rising cost of gas has reduced their income to less than minimum wage. In response, the company has added a small surcharge for each service, which will go directly to the drivers.

The surcharges vary by location, depending on the gas prices in each state. The surcharge also takes into account trip distance as well. According to the ride-share company, customers using rideshare services can expect to see a surcharge of $0.45 to $0.55 per trip, and customers using UberEats, the company’s food delivery service, can expect to see a surcharge of $0.35 to $0.45 per order. These surcharges will not apply in New York City, as drivers already have had a 5.3% pay increase to cover rising gasoline costs.

As gasoline prices continue to rise, Uber encourages its drivers to switch to electric vehicles, arguing that employees can make up to $4,000 more per year. Although this surcharge is temporary, the company warns customers that its policy is dependent on its employee’s needs as Gasoline prices continue to spike.

Article 3: Biden signs executive order on crypto

On Wednesday, President Biden signed an executive order to advocate for responsible development of digital currencies. This order calls for research to help developers and lawmakers understand crypto-technology as it continues to develop and rise in popularity.

Bitcoin Foundation Chairman Brock Pierce sat down for an Interview with Fox Business on Wednesday. In the interview, he argued that this executive order was both a good move for Democrats and crypto technology- citing that over 40 million Americans have investments in crypto-currency, and with many Americans being single issue voters, legislation such as this cloud help the Democratic Party prove that it supports the development of such technology.

In addition, the crypto market responded very positively to this executive order- Bitcoin, one of the most common crypto currencies, rose 10% on Wednesday, closing at just above $42,000.

Overall, this Executive Order goes to show the growing prevalence of crypto. Although investors can expect price volatility as software continues to be developed, there is still a growing demand for decentralized digital currencies.

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