Apple CEO Tim Cook says pending U.S., Europe legislation would hurt privacy, security
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Apple (NASDAQ:AAPL) Chief Executive Tim Cook said in a speech on Tuesday that pending legislation in the U.S. and Europe would negatively impact privacy and security for iPhone users.
Cook's comments, obtained by CNBC, came at the IAPP Privacy Summit in Washington, D.C. and made the point that sideloading apps onto iPhones could lead to situations where malware is unknowingly downloaded onto the iPhone and user data is stolen.
Cook said that sideloading--the process of downloading apps that have not been approved and vetted by Apple (AAPL)--could "potentially give bad actors a way around the comprehensive security protections we put in place."
Apple (AAPL) shares 1.4% to $168.42 in afternoon trading, Tuesday.
Cupertino, California-based Apple (AAPL) is facing pressure from the bipartisan Open App Markets Act in the U.S. and the Digital Markets Act in Europe.
The European bill is thought to be further along, though neither have been finalized. The European bill still needs to be approved by the European Union and its member states.
Earlier this year, Apple (AAPL) lobbyist Timothy Powderly wrote a letter to the Senate Judiciary Committee that the response from consumers to Apple's App Tracking Transparency, or ATT, which it rolled out last year, has been "overwhelmingly positive." 
Powderly added that "some of the largest social media and advertising companies have very publicly complained about the impact of these new privacy protections on their profits" and that the pending legislation could aid âthose who have been irresponsible with usersâ data.â
Citi analyst Jim Suva said Tuesday that with Apple's (AAPL) massive cash reserves, the company could possibly boost its stock buyback plan by as much as $90 billion, and raise its dividend payment between 5% and 10% when it reports its fiscal second-quarter results on April 28.