Washington, D.C. – TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, today released the following statement in response to the European Union’s expected introduction of the Digital Markets Act, which can be attributed to Carl Holshouser, Senior Vice President of TechNet:
“There is a real need for meaningful transatlantic dialogue about important issues related to tech regulation. The White House, National Security Council, the Commerce Department, USTR, the Senate Finance Committee Chair and Ranking Member, and 30 House members have engaged on the DMA in a strong and constructive way. From the very start, the EU refused to have meaningful, good-faith engagement with the Biden Administration, Congress, and the tech industry to address the challenges we face and ensure fair competition. It’s disheartening that the EU is plowing ahead with a bill that attacks our first line of defense in the fight against Russian cyberthreats.
“Additionally, regulations within the Digital Markets Act appear to violate the U.S.-EU Trade and Technology Council’s previously agreed upon non-discrimination principle due to its uneven scrutiny of American tech companies in comparison to our Russian, Chinese, and European counterparts. More fines and discriminatory rules targeting American companies will require more time and more money that would be better used keeping our data and critical infrastructure safe here at home.
“There is a better, more cooperative, and more pragmatic path for transatlantic tech — in both America and the European Union. That path, which seeks to avoid further jeopardizing American privacy, cybersecurity, and intellectual property, has been communicated by the United States government. We hope this dialogue can continue during the upcoming U.S.-EU Trade and Technology Council meeting, with the common goal of ensuring any action taken considers the impact on competition, costs, and our transatlantic interests.”