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Next Move: Practical insights on regulatory and policy developments in technology
Building trust in technology is complex work. Regulators and policymakers — keen to build new guardrails for a digital society — stand on largely unfamiliar ground. They often take different, sometimes contradictory, approaches because they have different missions and visions. At the global level, regulatory divergences reflect profoundly different value systems.
Through Next Move, PwC's monthly publication, we provide context to policy and regulatory developments in technology and offer guidance on how organizations can adapt.
In the July edition, we cover three tech developments:
- Cyber harmonization push gains momentum but faces obstacles
- Crypto policy shift signals need for strategic action
- UK adopts bespoke, flexible approach to Big Tech oversight
Cyber harmonization push gains momentum but faces obstacles
Cyber harmonization efforts continue — including a recent GAO study, ONCD report and proposed legislation — but they’re outpaced by new rulemaking. This disparity could set harmonization progress further behind, burdening companies with additional, overlapping obligations. Affected organizations should encourage policymakers to prioritize harmonizing new rules before, not after, they’re implemented.
Crypto policy shift signals need for strategic action
The FIT21 Act and other recent bills that would regulate digital assets mark a clear shift in Congress toward broad, bipartisan support for a regulatory framework. Affected organizations in financial services and other sectors should get ahead of this trend and consider how broader acceptance of digital assets may impact their business.
UK adopts bespoke, flexible approach to Big Tech oversight
The recently adopted UK Digital Markets, Competition and Consumers Act offers a flexible approach to Big Tech regulation that contrasts sharply with the EU approach. That flexibility, while welcome, could result in new, distinct and overlapping obligations for major tech companies operating in both jurisdictions. Potentially affected entities should prepare accordingly.
Read our special editions on Artificial Intelligence
Next Move Special Edition: White House mobilizes bold push for responsible adoption of AI
In October, the Biden administration issued its long-awaited executive order on artificial intelligence (EO on AI) — a big step towards defining how the fast-moving technology will be used and regulated.
The EO calls for new standards, funding, training and enforcement to mitigate AI risks, while also paving the way for widespread adoption. To prepare, companies must understand the EO’s potential direct and secondary impacts, identify gaps and opportunities and address risk.
Special Edition: EU’s AI Act advances, sparking a race to readiness
EU member state representatives unanimously approved the AI Act, setting the stage for its formal adoption in April. The approved language reflects a range of new provisions hammered out since the December compromise agreement. Providers, deployers, importers and distributors of AI systems in the EU market should begin preparing for compliance now.
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