What Happened to Antitrust Regulation?

Antitrust regulation in the United States originated in the late 19th century as a response to the rise of powerful industrial trusts that stifled competition and exploited consumers. The foundational legislation includes the Sherman Antitrust Act of 1890, which outlawed monopolistic practices and agreements in restraint of trade, and the Clayton Antitrust Act and Federal Trade Commission Act, both enacted in 1914. The Clayton Act prohibited specific anti-competitive practices like price discrimination and certain mergers, while the FTC Act established the Federal Trade Commission (FTC) to prevent unfair methods of competition.

For decades, antitrust enforcement saw varying levels of activity, with notable periods of 'trust-busting' under presidents like Theodore Roosevelt and significant cases against companies like Standard Oil and American Tobacco in the early 20th century. The late 20th century brought the landmark U.S. v. Microsoft case, initiated in 1998, which centered on Microsoft's alleged abuse of its monopoly in the PC operating system market by bundling Internet Explorer. This case, settled in 2001, set precedents for antitrust enforcement in the digital age.

The period from 2021 to 2026 has witnessed a global resurgence in antitrust enforcement, often termed the 'New Brandeis' movement, characterized by a more expansive view of market power and a focus on dominant digital platforms. In the U.S., under the Biden administration, agencies like the FTC, led by Chair Lina Khan (2021-2025), and the Department of Justice (DOJ) Antitrust Division, adopted a more aggressive stance. Khan's tenure at the FTC, which concluded in January 2025, was marked by efforts to challenge major technology mergers and scrutinize market concentration.

Key turning points in this recent era include the numerous antitrust lawsuits filed against major tech companies. The DOJ sued Google in 2020 for monopolizing the search market, with a federal judge ruling in 2025 that Google illegally stifled competition. Remedies for this case, including behavioral changes, were imposed in September 2025, though the DOJ's request for structural remedies like divestiture of Chrome was rejected. The DOJ also sued Apple in March 2024 for monopolizing smartphone markets, a case that saw Apple lose a bid to dismiss in June 2025 and enter early settlement discussions with the DOJ in July 2026.

As of August 2026, the antitrust landscape remains highly active. The Google Adtech case, where Google was found to have monopolized publisher ad servers and exchanges in April 2025, is awaiting a remedies decision in early 2026, with the DOJ requesting divestiture of Google's AdX exchange. The FTC's trial against Amazon, targeting alleged monopolies in online superstores and marketplace services, is scheduled for late 2026. Furthermore, U.S. antitrust agencies are increasingly focusing on algorithmic pricing, information sharing between competitors, and labor market issues, launching a joint public inquiry in February 2026 for new guidance on competitor collaborations. The DOJ also announced a return to 'targeted' Second Request investigations for merger reviews in July 2026, aiming for more efficient enforcement. Globally, new regulatory regimes like the EU's Digital Markets Act and Digital Services Act are actively being enforced, shifting towards continuous oversight of designated companies.