Time for Binance to Step Away from Twitter

Elon Musk's Twitter Revamp: A Potential Game-Changer for DOGE and Cryptocurrencies in General

DogeCoin Surges 10% Amidst X Payments Speculation, Resulting in $10M Loss for DOGE Futures Traders

The Digital Services Act, which requires huge digital companies to more aggressively monitor material on their platforms, was temporarily approved by the European Union over the weekend.

User-generated content platforms such as Twitter and Facebook will be obliged to install comprehensive content moderation systems to guarantee that unlawful materials such as hate speech, incitement to terrorism, and child sexual abuse may be rapidly removed.

Musk is one of Twitter's most popular users, and he's used it for everything from announcing Tesla and other company announcements to posting memes and criticizing his detractors.

The eccentric internet mogul has previously described himself as a "free speech absolutist," and has stated that he wants Twitter to be reformed into a "digital town square" with less limits on what users may say.

This might have major implications for how material is monitored on Twitter, which is a major worry for authorities attempting to reign in the spread of hate speech and misinformation online.

It's unclear what Musk intends to do with Twitter at this time. And the process of him purchasing the business will most certainly take months, if not years.

Officials in the United States, on the other hand, have expressed alarm over the likelihood of Musk reactivating Donald Trump's Twitter account. After his supporters rioted at the US Capitol building on Jan. 6, 2021, the former president was barred from speaking. Trump, for one, has stated that he will not return.

While there are "some exciting things" Musk wants to fight for at Twitter, Cedric O, France's digital minister, said the EU's new Digital Services Act "will apply independently of the ideology of its owner."

The DSA is set to go into effect as soon as 2024. Companies who break the guidelines face fines of up to 6% of their worldwide annual revenues, or slightly over $300 million in the case of Twitter, based on sales statistics for 2021.

The European Commission's internal market commissioner, Thierry Breton, told Musk that he would have to comply with the bloc's new digital standards.

"Any firm functioning in Europe, whether it's autos or social media," Breton tweeted Tuesday, "must comply with our standards – regardless of their ownership."

"Mr. Musk is well aware of this. He is well-versed in European car regulations and will rapidly adjust to the Digital Services Act."

Breton, the former CEO of the French IT consulting business Atos, is widely regarded as a driving force behind the European Union's digital reforms. The DSA is part of a major strategy by the bloc to regulate Big Tech, which includes the Digital Markets Act, which aims to limit the influence of digital behemoths.

Musk's Twitter purchase, according to Carl Tobias, a law professor at the University of Richmond, "may be the first serious test for the DSA."

According to Tobias, Brussels may use the Musk-Twitter agreement as a method to "test out" its new enforcement measures.

"The risks for the EU are that Musk has demonstrated his readiness to push back and battle against the government," he continued, referring to the recent protests in the United Kingdom.

Musk's demand for more lax vetting of internet content might put him at odds with lawmakers in the United Kingdom, who are considering their own steps to combat dangerous information.

The Online Safety Bill in the United Kingdom would require social media platforms to address both unlawful posts and information that is "legal but damaging," a broad description that has drawn criticism from those in the tech sector, who fear it would suppress free expression.

A UK government spokeswoman told CNBC, "Twitter and all social media networks must safeguard their users from damage on their services."

"We are adopting new internet safety legislation to protect minors, curb abusive behavior, and protect free expression," according to the spokeswoman. "All IT companies with users in the United Kingdom will have to comply with the new legislation or face heavy fines and their websites being shut."

Under the Online Safety Bill, which threatens jail time for corporate leaders as well as penalties of up to 10% of annual global sales, the stakes for platforms like Twitter would be significantly greater.

The bill, which is still awaiting approval from UK legislators, is anticipated to become law later this year.

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