Weekly Rewind: 5/9/25
DOJ Commits to Breaking Up Google Adtech Monopoly, Senate Dems Poised to Usher Through Republicans’ Crypto Giveaway to Big Tech, Trump Family, and more.
By Kainoa Lowman
Welcome back to the The Economic Populist’s Weekly Rewind. Every Friday, we’ll briefly recap the week’s biggest news, updates, and developments the in fight against corporate power.
Here’s what to know this week.
DOJ Commits to Breaking Up Google Adtech Monopoly
On Monday evening, the Department of Justice Antitrust Division and Google filed their opposing proposals for how to restore competition to the online advertising technology services market, following a judge’s ruling that Google has illegally monopolized that market. The DOJ in its proposal made clear it is committed to seeking to break up Google’s adtech monopoly, arguing Google must sell its AdX ad exchange network, the intermediary platform that connects publisher bid request to advertiser bids, and its DoubleClick for Publishers (DFP) publisher-side server. It also proposed a change to open-source Google’s auction logic, reopening the market to competition. Google’s proposal, by contrast, consisted of narrow, time-limited behavioral remedies that would amount to their agreeing rigging ad auctions just a little bit less—and then only for three years. This phase of the trial will begin in September of this year.
You know what we think needs to be done.
A break-up is the only remedy that can successfully rein in a repeat offender monopolist like Google. Currently, Google commands each layer of the adtech “stack”—the various software services that enable publishers and advertisers to talk to each other in split-second auctions for advertising space—effectively locking out rivals and forcing publishers and advertisers into its ecosystem.
Insulated from competition, Google was able to levy excessive fees on publishers and advertisers, squeezing the profitability of journalism outlets and content creators, as well as freezing innovation in the adtech space. Reminder: during the trial, one would-be rival ad exchange testified that his company experimented with cutting its fee for digital ads to zero percent on ad auctions in an attempt to cut into Google’s business, yet still failed to make a dent.
Senate Dems Poised to Usher Through Republicans’ Crypto Giveaway to Big Tech, Trump Family
Senate Democrats seem likely to rubber stamp a corrupt legislative giveaway to the crypto industry and Trump family driven by Senate Republicans, according to a series of reports from The American Prospect.
The bill, the GENIUS Act, would preempt much-needed oversight of crypto “stablecoins” by creating a weak regulatory regulatory framework that allows Big Tech to enter the business without oversight, and does not require federal insurance or stress testing for stablecoin issuers. It will reinforce a perception that stablecoins are “safe” because they are not volatile — something that is, objectively, not true. Stablecoins are not backed with hard guarantees and can depreciate if the issuer fails.
The bill is a high priority for the politically-powerful crypto industry and Big Tech (Meta is reportedly planning to launch a stablecoin), and The Prospect reports that there is a deal in place between Senate Republicans and several Senate Democrats to pass it—a deal that persists despite the fact that the Trump family is reportedly launching a stablecoin, USD1, which foreign countries are using to buy favor with the administration. It’s a terrible look. To wriggle their way out of the optics jam, crypto friendly Democrats slapped together the almost certainly doomed-to-fail End Crypto Corruption Act, which would ban the president and senior executive branch officials (and their families) from financially benefiting from crypto. The idea is that when they pass the GENIUS Act, they’ll be able to say they took a stand against Trump — despite the fact that not only won’t the End Crypto Corruption Act become law, everyone involved knows it won’t become law.
The GENIUS Act did not pass in its first Senate vote this week, largely because amendments pro-crypto Democrats were working into the bill as a condition for their votes had not yet been incorporated into the bill text. The fight continues here—most Democrats, and a few Republicans including Josh Hawley, are appalled by the bill. We will keep you updated.
Corporate-Backed Efforts Seek to Weaken State Noncompete Bans
On Thursday, Minnesota House Republicans introduced a bill to create loopholes in the state’s new ban on noncompete agreements. The changes, slipped into the state’s omnibus jobs and economic development bill, would restrict the ban to workers below a certain salary threshold, and exempt employers to get an exception for workers with access to “trade secrets” (even though Minnesota already has trade secret laws).
Meanwhile, legislation awaiting signature by Florida’s governor would allow four-year noncompete restrictions on workers earning “double the average local wage”—or about $140,000 in urban areas. Bloomberg reporting reveals that this bill was drafted by a lobbyist working on behalf of the hedge fund Citadel.
Of course, none of this state legislation would pose a meaningful challenge to worker rights if the Federal Trade Commission’s ban on non-competes wasn’t tied up in the federal courts. As Economic Liberties explained in a June 2024 brief, broad-based noncompete bans are essential to protect all workers from coerceive contracts that trap them in their jobs and prevent them from seeking better pay.
Junk Fees Illegal in Virginia, Nationwide Next Week (on Tickets and Hotels)
Late last Friday, Virginia Governor Glenn Youngkin signed into law a broad ban on junk fees, making Virginia the 5th state to officially ban deceptive junk fees across the economy—saving consumers time and money, and leveling the playing field for honest businesses. It’s also a victory for State Sen. Stella Pekarsky, the author of the bill, who pledged to pursue the fight to ban junk fees at Economic Liberties’ Anti-Monopoly Summit just about a year ago.
The momentum to do away with deceptive surcharges continues to grow. This week, the Illinois State Senate passed its own junk fee ban. Illinois is one of nine states actively considering bans in the current legislative session. And, of course, on Monday, the FTC’s ban on junk fees in ticketing and hospitality will go into effect. Say goodbye to bait and switch pricing, at least when it comes to buying concert tickets and booking hotel rooms.
Quick Hits
Economic Liberties released a new policy agenda for antimonopoly champions in the 119th Congress. The agenda features a comprehensive set of legislative and oversight proposals to un-rig monopolized industries as well as to tackle trade, fair pricing, labor, court reform, and more.
A new article in The Atlantic provides an overview of the tariff debate in the Democratic party — and highlights the leading role of ReThink Trade Director Lori Wallach in it. Read to learn more about how the Biden approach to trade policy differed from previous Democrats’ and from Trump’s tariff mania.
Montana repealed its utility Right of First Refusal law, which historically allowed monopoly utilities to maintain exclusive control over new power line projects. A 2019 study showed that competitive bidding, which ROFR laws prevent, lowers construction costs by 20 to 30 percent, potentially saving ratepayers billions of dollars.
Rite Aid has filed for its second bankruptcy in two years, reflecting the struggles pharmacies are facing—even large corporate chains—against the consolidated power of pharmacy benefit managers.
Senior Fellow for Utilities Mark Ellis has a new op-ed in the New York Daily News on how excess returns to Con Ed shareholders under a proposed rate-hike will drive up New Yorkers’ utility bills by 25%.
WATCH: Catch Rethink Trade Director Lori Wallach in this More Perfect Union video on common tariff misconceptions and the truth—that tariffs are a useful and often necessary tool when paired with worker protections and other industrial policies.
LISTEN: Simple Modern CEO Mike Beckham joined Research Director Matt Stoller on the Organized Money podcast to discuss what tariffs really mean for small businesses and shoppers.