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Brigham Young University Prelaw Review

Keywords

antitrust, monopoly, fintech, big tech, financial technology, FTC, Facebook, network effects, data control, interoperability, merger review, digital markets

Abstract

In cases involving large technology firms, current antitrust laws are proving difficult to enforce when applied through the traditional framework of price-centered metrics. Financial technology (fintech) companies are firms that integrate digital technology into financial services and operate through multi-sided platforms, and they are growing in number. This increased number of firms introduces the next challenge for antitrust enforcement, as traditional definitions of market dominance and monopolistic behavior are ill-suited to the realities of the digital landscape. Although there are no current antitrust lawsuits against major fintech firms, their existing structures and business models, if left unexamined, allow these firms to leverage data control and network effects to gain monopoly power—potentially suppressing future innovation and consumer choice. This Note argues that courts and regulators should take proactive steps to adapt antitrust frameworks to the modern digital environment. Such measures should include recognizing data control and network effects as indicators of market power, promoting interoperability between firms, strengthening merger review and oversight of data-driven acquisitions, and incorporating ex ante rules to preserve competition in fintech markets.

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