US takes aim at Apple with plans to regulate digital wallets.

The US government is planning to regulate digital wallets, such as the one operated by Apple, according to a report from the Financial Times. The plans are part of a broader effort to boost competition in the tech industry.<br><br>The Biden administration has been taking steps to rein in the power of large tech companies, including Apple, Google, Amazon and Facebook's parent company Meta.<br><br>The decision to regulate digital wallets was described as an "easy win" for the administration, according to one of the people with knowledge of the plans.<br><br>The move is likely to be popular with some lawmakers, who have been calling for greater oversight of digital wallets. Senator Richard Blumenthal, a Democrat from Connecticut, told the Financial Times that the administration's plans were a "long overdue step" to address the "anti-competitive practices of these companies".<br><br>The move follows similar efforts in the European Union, which plans to introduce rules governing digital wallets as part of broader legislation aimed at reining in the tech industry.<br><br>The news was welcomed by some smaller tech companies, which have long complained about the power wielded by their larger rivals. Spotify, which has been critical of Apple in recent years, praised the Biden administration's plans. "This is a major milestone in the fight for a fair digital marketplace," a spokesperson for the music streaming service said.