This episode of the Cyberlaw Podcast kicks off with a stinging defeat for the Federal Trade Commission (FTC), which could not persuade the courts to suspend the Microsoft-Activision Blizzard acquisition. Mark MacCarthy says that the FTC’s loss will pave the way for a complete victory for Microsoft, as other jurisdictions trim their sails. We congratulate Brad Smith, Microsoft’s President, whose policy smarts likely helped to construct this win. Meanwhile, the FTC is still doubling down on its determination to pursue aggressive legal theories. Maury Shenk explains the agency’s investigation of OpenAI, which raises issues not usually associated with consumer protection. Mark and Maury argue that this is just a variation of the tactic that made the FTC the de facto privacy regulator in the U.S. I ask why policing ChatGPT’s hallucinatory libel problem constitutes consumer protection, and they answer, plausibly, that libel is a kind of deception, which the FTC does have authority to police. Mark then helps us drill down on the Associated Press deal licensing its archives to OpenAI, a deal that may turn out to be good for both companies. Nick Weaver and I try to make sense of the district court ruling that Ripple’s XRP is a regulated investment contract when provided to sophisticated buyers but not when sold to retail customers in the market. It is hard to say that it makes policy sense, since the securities laws are there to protect the retail customers more than sophisticated buyers. But it does seem to be at least temporary good news for the cryptocurrency exchanges, who now have a basis for offering what the SEC has been calling an unregistered security. And it’s clearly bad news for the SEC, which may not be able to litigate its way to the Cryptopocalypse it has been pursuing. Andy Greenberg makes a guest appearance to discuss his WIRED story about the still mysterious mechanism by which Chinese cyberspies acquired the ability to forge Microsoft authentication tokens.  Maury tells us why Meta’s Twitter-killer, Threads, won’t be available soon in Europe. That leads me to reflect on just how disastrously Brussels has managed the EU’s economy. Fifteen years ago, the U.S. and EU had roughly similar GDPs, at about $15 trillion each. Now the EU GDP has scarcely grown, while U.S. GCP is close to $25 trillion. It’s hard to believe that EU tech policy hasn’t contributed to this continental impoverishment, which Maury points out is even making Brexit look good.  Maury also explains the French police drive to get explicit authority to conduct surveillance through cell phones. Nick offers his take on FISA section 702 reform. Stories. And Maury evaluates Amazon’s challenge to new EU content rules, which he thinks have more policy than legal appeal. Not content with his takedown of the Ripple decision, Nick reviews all the criminal cases in which cryptocurrency enthusiasts are embroiled. These include a Chinese bust of Multichain, the sentencing of Variety Jones for his role in the Silk Road crime market, and the arrest of Alex Mashinsky, CEO of the cryptocurrency exchange Celsius. Finally, in quick hits,  Mark and I duel over the lawsuit claiming that Texas’s TikTok Ban on government phones will threaten academic freedom. I praise the surprisingly good National Cybersecurity-Strategy Implementation Plan and puzzle over the decision not to nominate the acting head of that office to head the office permanently. And I note that the Allow States and Victims to Fight Online Sex Trafficking Act, also known as FOSTA-SESTA, reviled by the left, has withstood a constitutional challenge in the DC Circuit. Download 468th Episode (mp3) You can subscribe to The Cyberlaw Podcast using iTunes, Google Play, Spotify, Pocket Casts, or our RSS feed. As always, The Cyberlaw Podcast is open to feedback. Be sure to engage with @stewartbaker on Twitter. Send your questions, comments, and sugg